Mexican Industrial Output Lower than Expected

Mexican industrial output surprised analysts by falling 2.4 percent in June compared to the same month in 2012 according to the government’s statistic agency Instituto Nacional de Estadística y Geografía. Output was expected to grow by at least 0.1 percent year over year. Compared to June 2012, construction dropped 6.0 percent, manufacturing declined 1.2 percent and mining and utilities fell 2.4 percent and 0.7 percent, respectively.

On a quarterly basis industrial production was flat in June, slipping 0.03 percent from May. Construction fell 1.6 percent from the previous quarter. Manufacturing production, however, sparked some optimism by increasing 0.53 percent in June following a 0.9 percent increase in May.