The Day at a Glance | April 11 2023

*Industrial production in Mexico rebounded during February. 

*In China, consumer inflation logged its smallest annual change since September 2021 at 0.7%, level below the expected 1.0%. For its part, inflation for producers receded at its fastest pace since July of 2020 at an annual pace of -2.5%. 

*Retail sales in the Eurozone logged a monthly -0.8% contraction, taking the annual figure to its worst reading since January of 2021 at -3.0%. 

*Wholesale inventories in the US logged a monthly 0.1% increase in February, while sales hiked 0.4%. 

*US President, Joe Biden, signed a bill to terminate the national Covid-19 emergency. 

Economic environment

Industrial production in Mexico increased 0.73% m/m in February after it logged a marginal setback in January. This is the best figure recorded since December of 2021, and was boosted by a 4.08% monthly increase in mining activity. Mining related services increased 11.29% monthly during February. However, the generation and distribution of energy and water supply slowed down 0.26% monthly; while construction continued receding for a second consecutive month, at a monthly -0.24%, and manufacturing activities logged their first negative figure since November of last year, -0.47% monthly. Regarding the latter, the manufacturing of transportation equipment decreased -10.76% monthly and returned to its downwards trend after strength was logged in January (11.34%). At an annual rate, industrial production increased 3.47% in March – up from a previous 2.43% – and all of its components logged acceleration except for manufacturing activities, which increased 2.5% annual (vs 4.02% prev.). Within manufacturing activities, the manufacturing of transportation equipment (-13.62% annual) and textile inputs (-10.79%) contrasted with an increase in the manufacturing of electrical equipment (11.7%).