The Day at a Glance | July 20 2023

The Top

*Retail sales in Mexico recorded deterioration in May. 

*The INEGI´s Timely Economic Activity Indicator (IOAE for its initials in Spanish) forecasts an acceleration in the Global Economic Activity Indicator (IGAE) in  May and June (3.6% y/y and 4.0% y/y, respectively). 

*In the US, new unemployment claims decreased to 228 thousand on the week ending July 15th, down from the 237 thousand logged the previous week. 

*The Philadelphia FED´s manufacturing index logged marginal progress in its June figure by setting at -13.5 points (vs -13.7 prev.). 

*The Eurozone´s current account logged a deficit worth 11.3 billion euros in May. 

Economic environment

Retail sales in Mexico point towards weakening in May. Retail companies logged an annual 2.3% increase, which entails a significant slowdown from the previously recorded 4.6% (Apr.); its monthly figure set at -0.5%. Mixed readings were logged as textile & footwear and health-care related product sales increased 13.4% y/y and 12.0% y/y, while online and vehicle sales fell -10.7% y/y and -5.6% y/y. Overall, May´s figures remained positive, although they point towards a loss in momentum. Although monthly figures played off a low base comparison (April), they had already logged a downwards trend since the 1Q23.

Facebook Comments