Mexico’s industrial production rises for third month in a row
Mexico’s industrial production grew up for the third month in a row in July, expanding a bit faster than expected as factory output rose by the most in nearly a year, official data showed.
Mexican industrial output rose 0.3 percent in July from June in seasonally adjusted terms, the national statistics agency INEGI said, compared with expectations for 0.1 percent increase in a Reuters poll.
Mexico’s economy shrank in the second quarter for the first time in three years, due largely to a slump in industrial output.
Uneven demand for Mexican manufactured exports in the United States, Mexico’s top trading partner, and declining oil production have weighed on Latin America’s No. 2 economy.
Among components of industrial production, factory output rose 0.8 percent, its fastest expansion since last August. Mexico sends mostly factory-made goods like televisions and cars to its northern neighbor and automobile exports have been stronger than many other goods this year.