The Day at a Glance | January 23 2023

The Top

·     Production generated by Mexican construction companies increased.

·     The Central Bank of Mexico will carry out a CETES auction on January 25^th. Payment times include 6, 9, 12 and 24 months for a total maximum amount of 25,000 million pesos.

·     A bipartisan group is preparing a bill to change the debt limit in the United States from a fixed amount to a percentage of the country`s production.

·     Protests in Peru left dozens injured over the weekend.

·     Garcia Luna`s trial in New York will start on Monday.

·     The US indicator for December will be made known today; it`s expected to set at -0.7%.

Economic environment

Production generated by Mexican construction companies increased 2.5% in November. The value of production increased to 26,672 million pesos, the largest amount logged since March of 2020. However, it`s still far from the levels recorded in 2017 and 2018 – which set above 32,000 million pesos. At an annual rate, the value of production increased 5.3%, mainly boosted by construction projects (12.1%); while buildings hiked 2.8%, civil engineering projects increased 12.1%. With this, the accumulated value of construction companies increased 3.5% in the January-November period. Additionally, it`s worth pointing out that the number of people employed by construction companies is still recovering. The figure reached 479,879, approximately 60 thousand behind the levels recorded in 2017-2018; and even though wages seem to have lost their momentum in the last few months, they are way above pre-pandemic levels.