Mexico’s formal business registry recorded a loss of 1,726 employers in March, bringing the total decline for the first quarter of 2026 to more than 9,000. Data from the Mexican Social Security Institute (IMSS) shows the nation now has 1.02 million registered employers.
Banco Base highlighted the severity of this trend in a recent report, noting that the total number of employers has decreased in 22 of the last 23 months. Compared to March of last year, the registry has shrunk by 28,168 entities. Analysts point out that this annual decline is the longest since the period between April 2003 and September 2005.
While employer numbers fall, formal employment levels have shown marginal growth. The IMSS reported that 32,930 jobs with social security benefits were added in March. This brings the total job creation for the first three months of 2026 to 207,604 positions, with 83% classified as permanent.
Wage growth and economic outlook
Workers covered by social security saw their average daily base salary rise to 663.50 pesos, a 7.14% annual increase. After adjusting for inflation, the real growth of the average contribution salary stands at 2.51%, according to Banco Base.
The bank also cautioned that these employment figures rely heavily on digital platform jobs. "Without considering the jobs from the digital platform program, an annual growth of only 0.46% would be registered," the report stated. This would represent the lowest annual growth for a March since 2021.
Economic performance remains a point of contention following a sluggish 2025, when GDP grew by only 0.8%. The Ministry of Finance maintains a more optimistic outlook for the current year, projecting an expansion between 1.8% and 2.8%.
In its recent Pre-criteria report, the Ministry of Finance stated that it expects a gradual recovery in private investment as companies adapt to the regulatory environment and the T-MEC review process advances. The government also plans to leverage public and mixed investment through its proposed infrastructure plans to boost productivity and close development gaps.
