Mexican household private consumption fell by 0.3% monthly and 0.9% annually in January, marking two consecutive declines.
This report, released on Thursday by the National Institute of Statistics and Geography (Inegi), was worse than anticipated. The Inegi had predicted a 0.8% annual rise for January.
Monthly drop in January:
- -0.4% decrease in national goods consumption
- -0.1% decline in imported goods consumption
- 0.2% rise in services consumption (not enough to offset the drops)
Annual comparison:
- 5.4% drop in imported goods consumption
- 0.8% decline in national goods consumption
- 1.3% increase in services consumption
Employment and Consumer Confidence:
- IMSS reported 73,167 formal jobs created in January, a 32.9% decrease from January 2024.
- Inegi’s consumer confidence index shows three consecutive monthly declines and a 0.4-point drop.
From 2023 to 2024, consumption growth slowed from 4.3% to 2.8%
