La Jornada: Closing of companies deflates employment

In March, employee affiliation with the Mexican Social Security Institute (IMSS) grew just 0.04 percent monthly, the lowest level for a similar month since 2010, BBVA warned yesterday.

The bank’s economic studies area indicated that this is a result of the disappearance of more than 45,000 microbusinesses and 3,845 small businesses since December 2022.

The financial firm warned that “adverse conditions persist that limit formal business activity and favor the displacement (of entrepreneurs and people) towards informality,” since smaller units face greater cost pressures and lower absorption capacity.

According to the report, the number of formal jobs increased by 32,930 positions in March; In the first quarter, 207,604 were accumulated, a figure 8.4 percent lower than that of the same period in 2025.

The bank pointed out that the evolution of employment also reflects the weakness of investment. Capital allocated to machinery, equipment and construction fell 2.2 percent annually in January and business expectations remain in negative territory, with 13 consecutive months below the confidence threshold.

Pressure increases on microbusinesses

BBVA reported that the number of employers registered with the IMSS has been decreasing since 2024 and in the first quarter of 2026 it showed an additional contraction of 1.9 percent. In contrast, informal employers increased.

One of the factors behind the closure of microbusinesses, according to the bank, could be the increases in the minimum wage, which although they have increased purchasing power, “in a context of low growth in demand and productivity could begin to generate additional pressures on labor costs.”

Manufacturing employment accumulated 15 months with annual declines and commerce registered a monthly contraction of 0.49 percent, in line with the slowdown in consumption.