Mexico: Consumer confidence rebounds to highest level in over four years
July 5, 2011
Consumer sentiment increased for the first time in five months. In June, the index of consumer confidence (ICC, indice de Confianza del Consumidor) rose to 93.0 points, up from 89.3 points in May. The reading represents the highest level since May 2008 and beat market expectations that had the index rising to 90.4 points. That said, despite the recovery, the index suggests consumers remain gloomy, as the value lies below the 100-point threshold that separates optimism from pessimism. A month-on-month analysis confirms the improvement in the consumer mood, with the ICC increasing a seasonally adjusted 1.7% over the previous month (May: +1.3% mom). The monthly increase was broad-based, albeit mostly as a result of a more positive appraisal of the country's economic outlook as well as greater willingness to purchase durable consumer goods.