Mexico: Consumer confidence edges down in May
June 4, 2013
In May, the unadjusted index of consumer confidence published by the statistical institute (INEGI) inched down to 95.2 points from 95.7 points in April. The figure came in a notch below market expectations of 95.5 points and marks the lowest reading in six months. Compared to the same month last year, consumer sentiment dropped 1.2%, which was nevertheless a modest improvement over the 1.5% fall seen in April. Respondents' assessment of their current household situation as well as of the current economic situation improved over the previous month. In contrast, the remaining three categories that compose the index deteriorated, with the intention of making major purchases falling a significant 7.5% over the same month last year (April: -7.3% year-on-year). Compared to the previous month, consumer sentiment dropped 0.5% in seasonally adjusted terms, which contrasts the revised 0.7% increase recorded in the previous month (previously reported: +1.4% month-on-month). LatinFocus Consensus Forecast panellists expect private consumption to grow 3.5% this year, which is down 0.1 percentage points from last month's projections. For next year, the panel sees private consumption expanding 3.9%.