The Day at a Glance | February 2 2023

*Remittances increased at the end of 2022 and reached an all-time high.

*Mexico´s manufacturing PMI decreased in January.

*In the US, the manufacturing PMI logged a 47.4 point figure; below estimates.

*The European Central Bank increased its reference rate 50bp and set it at 3.0%; it pointed towards another 50bp increase in its next meeting scheduled to take place in March. 

*The number of vacant jobs in the US surprised to the upside (11.0 million).

*The INEGI´s leading indicator for December decreased -0.08 points and fell below its long-term trend with a 99.5 point reading. For its part, November´s indicator remained unchanged at 100.8 points. 

*Vehicle sales in Mexico increased 20.1% annual and set at 94,414 units in January.

*Initial jobless claims in the US decreased slightly to 183 thousand on January 28th. Recurring claims decreased to 1.65 million through January 21st.

Economic environment

Remittances amounted to 5,359 million dollars in December. The flow of remittances in the last month of 2022 only set behind October´s 5,360 million dollars and logged a 12.8% increase with respect to the last month of 2021. With this, remittances logged a record 58,497 million dollars – a 13.4% increase with respect to the 51,585 million dollars logged in 2021. Additionally, around 150 million operations (+9.8% annual)  worth an average 390 dollars (+3.3% annual) were carried out in 2022. This compares positively with the 136.6 million transactions that averaged 378 dollars in 2021. In addition, January´s manufacturing PMI and the IMEF´s indicators were made known. The former logged a slight decrease, although it fell into contractionary territory with a 48.9 point reading (51.3 prev.). Regarding IMEF figures, the manufacturing index receded 1.8 points and set at 50.0, level that separates contractionary and expansionary figures; while the non-manufacturing index decreased 1.3 points, but it remained above the 50 point threshold for a 12^th consecutive month (52.2 points).