Ahead of final numbers on the electoral front, the release of formal job creation in May showed one of the worst figures in the last 10 years. Formal job creation in May registered a loss of 25.2k jobs, this is one of the worst numbers for such a month in more than ten years, excluding the 2009 crisis and the covid year. On an accumulated basis, formal job creation so far this year stands at 324.6k, the slowest pace in four years. On a yearly basis, total formal employment in Mexico grew 2.2%, also showing a slowdown. The data points to Further moderation in the second half of the year. - UBS
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