May 07, 20 - 3:57 pm - LABS

HR Ratings forecast 1 million jobs lost in Mexico in this first semester

According to Milenio, the rating agency in Mexico HR Ratings estimates a loss of one million jobs as of June in the country. According to the Mexican agency, last month, more than 650,000 jobs were lost in the country. The forecast is that Q2 will register a bigger loss, of one million jobs. There’s also an expectation that the Mexican economy may fall 7.4% this year: a higher percentage than the previous forecast, which pointed out a decrease of 4.25%.

According to the document, although strong rebounds in economic activity are expected in the third and fourth quarters of 2020, derived from the reopening of the economy, the contraction in the first half will be strong, and the drop in formal employment is likely to affect 4% of the Mexican population. Considering the entire economically active population, this could be reflected in an average unemployment rate of 6.3% during 2020.