Mexico: Consumer confidence rebounds to highest level since March 2008
August 3, 2012
In July, the consumer confidence index elaborated by the statistical institute (INEGI) climbed to 98.9 points, up from the 95.5 points seen in June. The figure, which represents the highest level since March 2008, overshot market expectations that had the index rising to 97.3 points. Building on the healthy July print, consumer sentiment now sits 3.5% higher than in the same month last year, up from the 2.7% increase recorded in June. The improvement was broad-based, with all sub-components recording higher annual growth rates compared to June, with the exception of the willingness to make major purchases, which nonetheless remains 1.5% higher than in the same month last year. The assessment of the current economic situation rose to 8.2%, reaching to its highest level since March 2008. Furthermore, both sub-components related to expectations - households and overall economy - rose to their highest level since August 2007. A month-on-month comparison corroborates the improvement suggested by the annual data, as consumer sentiment increased 1.2% in seasonally adjusted terms, following a 1.1% contraction in June (previously reported: -1.3% month-on-month).