The Day at a Glance | November 1 2023

*Job creation in the US private sector rebounded in October, although to a lesser extent than expected.

*In Mexico, authorities are implementing the “Plan Billetes” in Acapulco, which aims to facilitate cash withdrawals for the population.

*The business confidence indicator for the manufacturing sector from INEGI (Mexican Institute of Statistics and Geography) reached 54.0 points in October, marking the twenty-ninth consecutive month in the expansionary territory. Meanwhile, the manufacturing orders index from the statistical agency fell by -2.81 to 48.5 points.

*The US Mortgage Bankers Association reported that the number of mortgage applications dropped by -2.1% in the week ending on October 27th, reaching its lowest level since 1995.

*According to Israel, an airstrike successfully targeted a high-ranking Hamas leader responsible for the terrorist attacks on October 7th, who was reportedly in a refugee camp in northern Gaza. However, Hamas denied the presence of its leader at the location. 

Economic environment

The private sector in the United States reported the creation of 113,000 jobs in October. When broken down, the service sector added 107,000 positions, led by the fields of education and healthcare (45,000), trade, transportation, and public services (35,000); financial activities (21,000); and leisure and hospitality (17,000). Additionally, the construction and manufacturing sectors each generated 4,000 and 3,000 positions, respectively. Overall, although the most recent private sector employment report fell short of the 150,000 positions forecasted by the consensus, the labor market continued to show signs of tightening, with a monthly job creation exceeding the estimated range of 70,000 to 100,000, which is considered the necessary number to absorb the population entering the workforce.

The Mexican Ministry of Finance and Public Credit), Central Bank of Mexico, Banjercito, and Mexican Bankers Association, with the support of the Mexican National Defense Secretariat, are launching the “Plan Billetes” (Bill Plan). This plan involves setting up Modules for Banking Services where people can withdraw cash using debit or credit cards in communities that require such services in cases of natural disasters. Specifically, two modules have been established in Acapulco this time, with service hours from 8:30 AM to 3:00 PM, Monday through Friday, including November 2nd.