June 24, 2020 / 2:29 PM / 19 days ago

Mexican job losses in June seen reaching as high as 130,000, president says

FILE PHOTO: Mexico's President Andres Manuel Lopez Obrador holds a news conference at the National Palace in Mexico City, Mexico, March 17, 2020. REUTERS/Henry Romero

MEXICO CITY (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Wednesday that some 85,000 formal jobs have been lost in the country so far in June and that total layoffs by the end of the month could reach as high as 130,000.

The Mexican economy has been hit hard by the fallout from the coronavirus pandemic, as both confirmed infections and deaths rising at an increasing pace.

Lopez Obrador said he expects 1 million formal jobs to be lost due to the economic contraction from the public health crisis while the International Monetary Fund on Wednesday forecast the country’s economic output this year could contract by 10.5%.

Reporting by David Alire Garcia and Ana Isabel Martinez; Editing by Frank Jack Daniel

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