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Mexico Consumer Confidence July 2018

Mexico: Consumer confidence hits decade-high following AMLO’s win

Consumer sentiment jumped in July on the heels of the 1 July general election, with the seasonally-adjusted consumer confidence index published by INEGI hitting a decade-high 101.7 points, up from a revised 88.6 points in June (previously reported: 88.0 points). July’s print overshot market expectations by a long shot. Until this month, sentiment had been stuck below the 100-point threshold for more than a decade.

July’s improvement was seen as a vote of confidence in the election results, which saw AMLO win in a landslide. All five of the index’s components contributed to the improvement; assessments of the future improved markedly, with views on the macroeconomic situation in a year’s time skyrocketing. Meanwhile, assessments of the current and future economic situations at the household level each climbed into positive territory, and consumers became more willing than a month earlier to make big-ticket purchases. Despite huge gains, consumers remained downbeat about the current macroeconomic situation.

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