We estimate that industrial production in November grew by an annualised 2.38%, seasonally adjusted

Which translates into a MoM rise of 0.68%. This estimate takes into account the close relationship between this variable and industrial production in the US, which grew at a monthly rate of 0.8% and -0.1% sa in September and October respectively. Note that in September industrial production in Mexico grew by 2.3% YoY, sa, but that in monthly terms it actually dropped by 0.1%, linked principally to the fall in construction components (-0.1% MoM, sa) and mining (-0.7% MoM, sa). Meanwhile, manufacturing increased by 0.3% MoM, sa. The performance of industrial production will give us a signal as to the strength of economic activity at the end of the year

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