Mexico: Economic activity softens for third consecutive month in September
The monthly indicator for economic activity (IGAE) climbed 1.0% in month-on-month, seasonally-adjusted terms in September, easing from August’s 1.4% increase and for the third month in a row.
September’s reading reflected the continued recovery in activity amid the gradual loosening of pandemic-related restrictions, though also pointing to a slowdown in momentum. The moderation was driven by industrial activities flatlining from the previous month. More encouragingly, services activity picked up noticeably.
On an annual basis, economic activity contracted 5.5% in September (August: -9.2% yoy). Meanwhile, the trend continued to deteriorate, with the annual average of economic activity coming in at minus 7.1% in September, down from minus 6.6% in August.