Mexico's economy shed 344,526 formal jobs in May because of the novel coronavirus pandemic, pushing the number of lost jobs in the last three months above 1 million even as the pace of layoffs slowed down.
FILE PHOTO: People walk past a building undergoing construction in Mexico City, Mexico January 30, 2020. REUTERS/Andres Martinez Casares
Widespread confinement measures in place since late March have ravaged Mexico’s economy, second largest in Latin America. Economists predicted it would suffer its biggest recession in decades. President Andres Manuel Lopez Obrador has sought to play down the severity of the economic hit and previously said fewer than a million formal jobs would be lost to the pandemic.
That spells bad news for jobs, especially for the 31 million Mexicans working in the informal sector.
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