Sheinbaum’s mañanera in 60 seconds

• 💼 Sheinbaum touts record formal employment: The president said more than 23 million people in Mexico held formal sector jobs at the end of October, “the highest figure in history.” She said 161,077 formal jobs were added in October and 571,277 in the first 10 months of 2026. The number of formal jobs is up 299,180 from October 2025.
• 🏦 Sheinbaum credits Banxico rate cut to the economy’s “good performance”: She noted that the central bank cut its benchmark interest rate by 25 basis points to 6.25% last Thursday. Sheinbaum said the decision reflected the strong performance of Mexico’s economy, although INEGI reported Monday that annual inflation rose to 3.75% in October from 3.45% in September.
• 📈 “We’re doing well and we’re going to do better”: Sheinbaum said Mexico “is doing well on all the economic indicators,” and recalled that she had predicted an improvement in the second half of 2026 as public infrastructure projects got underway.
• 💵 “Cash isn’t going to be phased out”: Sheinbaum sought to calm concerns about the new Digital Economy Law, which gives the Finance Ministry the power to designate sectors where digital payments will be the only option. She said the aim is to increase digital payments, but cash won’t disappear.
• ⛽ Cash to be eliminated at gas stations to combat fuel theft: She said exclusive use of digital payments at gas stations will help end fuel theft and illegal fuel imports by allowing complete traceability. Cash payments at toll booths will be phased out “gradually,” Sheinbaum said.

Why today’s mañanera matters

At her Monday morning press conference, President Sheinbaum talked up the strength of Mexico’s economy, specifically pointing to formal employment numbers and the Bank of Mexico’s decision last week to reduce its benchmark interest rate.

As detailed in the latest MND Economy Index™ article, Mexico’s economy is performing well in a range of areas including growth, exports and manufacturing output.

In Sheinbaum’s words, Mexico “is doing well on all the economic indicators,” although the country’s high informality rate and relatively low productivity growth remain concerns.

At today’s mañanera, the president also sought to allay concerns regarding a new law that seeks to limit, and in some cases prohibit, people’s use of cash. In one particularly noteworthy remark, Sheinbaum said that the government wouldn’t prohibit cash payments at stores.

Sheinbaum touts record formal employment 

Sheinbaum told reporters that the number of people in formal sector jobs reached a record high in October.

“I have another piece of good news. The Mexican Social Security Institute will release the official information at around midday, but I can say in advance that we reached a peak in formal jobs this past month, the month of October,” she said.

Sheinbaum said that 23,088,353 people (23.08 million people) were in formal sector jobs at the end of October.

“It’s the highest figure in history,” she said.

Sheinbaum said that 161,077 new formal sector jobs were added in October, while the number of people in such positions increased by 571,277 in the first 10 months of 2026. Compared to October 2025, the number of people in formal sector jobs rose by 299,180.

Later in the press conference, Sheinbaum noted that she had said that Mexico’s economy would improve in the second half of 2026 due to the commencement of various public infrastructure projects.

“And, indeed, the country is doing well on all the economic indicators,” she said.

Sheinbaum acknowledges Banxico rate reduction 

Sheinbaum noted that the Bank of Mexico (Banxico) cut its key interest rate after a monetary policy meeting last Thursday.

The central bank reduced its benchmark rate by 25 basis points to 6.25%.

Sheinbaum pointed out that Banxico’s rate cut came after the U.S. Federal Reserve raised its key interest rate in September. The Fed’s current target range is 3.75%-4%.

Sheinbaum said that Banxico’s rate cut was due to the “good performance” of Mexico’s economy. A majority of Banxico board members voted in favor of a 25-basis-point cut despite recent increases in inflation. The national statistics agency INEGI reported on Monday that Mexico’s annual headline rate was 3.75% in October, up from 3.45% in September.

Asked whether Mexico’s economy is doing well, Sheinbaum responded with a phrase she has used on previous occasions.

“We’re doing well and we’re going to do better,” she said.

Sheinbaum: ‘Cash isn’t going to be phased out’

Sheinbaum acknowledged that the aim of the Digital Economy Law for Digital and Electronic Payments — which was approved by the Senate last month — is to reduce the use of cash in Mexico.

Mexican Senate passes bill to limit, and sometimes prohibit, cash payments

However, she stressed that cash isn’t going away.

“In a community in Chiapas I visited on the weekend, a lady said to me, ‘Hey, don’t take away cash,'” Sheinbaum said.

“Cash isn’t going to be phased out,” she said.

However, efforts will be made to increase digital payments, Sheinbaum said.

The Digital Economy Law, which was also approved by the Chamber of Deputies last month, gives the federal Finance Ministry the authority to determine “the strategic sectors and relevant activities in which the acceptance of digital and electronic payment methods will be the only form of payment.”

Sheinbaum has said that cash payments at gas stations and highway toll booths will be eliminated starting this year. On Monday morning, she said that the exclusive use of digital and electronic payments at gas stations will aid the fight against fuel theft and fuel smuggling.

“It will help us … put an end to fuel theft and the illegal importation of fuel and allow complete traceability of fuel from production or importation to sale,” Sheinbaum said.

“… It’s only in the case of gas stations that we want to completely eliminate the use of cash,” she said, adding that cash payments at toll booths will “gradually” be phased out.

“In the end, people will agree,” Sheinbaum said.

“There is nothing to be worried about. On the contrary, it will be very beneficial,” she said.