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Sales figures show Mexican economy continues to weaken.(Brief Article)
MEXICO CITY -- The slowdown of the Mexican economy was underlined at the end of last week by yet another fall in retail and wholesale sales, with the National Statistics Institute (INEGI) reporting that retailers saw sales rise by a disappointing 0.9% year-on-year in June. Wholesale sales plunged 10.3% in the same period. Although department store and supermarket sales held up, auto sales dragged the retail figures down, suggesting that consumers are postponing big ticket purchases until the economic picture becomes clearer.
Emy Shayo, Latin America economist for Bear Stearns, in New York believes these figures reflect the deepening slowdown in the Mexican economy, which she feels most of the market is underestimating. Indeed, retail sales were the worst since August 1999 and wholesale figures saw their biggest decline since March 1996, suggesting that an even bigger decline is yet to come. Although lower interest rates and a strong peso have helped insulate the consumer ...
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Source: HighBeam Research, Sales figures show Mexican economy continues to weaken.(Brief Article)