The Day at a Glance | December 4 2023

The Top

*In Mexico, CONASAMI announced a 20% increase in the minimum wage, marking five consecutive years of double-digit increases.

*INEGI reported that new vehicle sales in November increased by 31%, with a total of 1.218 million units sold this year.

*The price of gold recorded a new high due to expectations of interest rate cuts by the Federal Reserve.

*Bitcoin surpasses $42,000 for the first time since April 2022.

*During November, the S&P 500 achieved a 9% return, one of the best months in decades.

Economic environment

INEGI published the Private Consumption Indicator for September, showing a 0.8% increase on a monthly basis. By component, imported goods increased by 1.8%, while national goods increased by 0.8%. Annually, consumption increased by 5%, accelerating from the previous month, with imported goods increasing by 24.3% and national goods by 1.7%. Once again, consumption remains the key factor for economic growth in Mexican economic activity. On the other hand, gross fixed investment decreased by 1.5% on a monthly basis, the first monthly drop recorded this year, but its trajectory over the last 12 months remains strong at 23.5%. Construction decreased by 5% month-to-month and increased by 26.5% year-on-year, with non-residential construction increasing by 42.7%. Meanwhile, machinery and equipment increased by 2.7% in the month and 20.9% annually. Gross fixed investment remains strong, although, with the data published today, it seems to show certain signs of exhaustion as of September.