Francisco Jose Flores Serrano

Banorte

Senior Economist, Mexico @ Banorte

Francisco Flores is the Senior Economist for Mexico within the Economic Research department in Grupo Financiero Banorte. His responsibilities include the analysis and forecast of the main Mexican macroeconomic variables, with special focus on economic activity, inflation, labor market and public finances. He was recently recognized with the Refinitiv StarMine Award as the best forecaster for the Mexican economy in 2019. Francisco holds a Bachelor’s degree in Economics from Universidad Anáhuac, where he graduated summa cum laude.

Francisco Jose Flores Serrano
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Latest from Francisco Jose Flores Serrano

Mexico: Ahead of the Curve

Proceeding in chronological order... Consumer confidence stable in June. Hence, with seasonally adjusted data we estimate 0.9% m/m growth. In contrast, the pace could moderate on rising inflation, which remains as the main risk for performance ahead....
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 1 July 2022

Mexico: IMEF’s PMI surveys–Moderation in June, with manufacturing in contraction

Both indicators moderated, although highlighting that manufacturing returned to contraction territory. Except for employment, all sectors declined. ‘ Finally, deliveries fell to 48.4pts from 48.9pts (-0.4pts), again the only sector below the 50pts th...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 1 July 2022

Remittances – New historical high in May on seasonality and the US job market

Seasonally adjusted, inflows fell 1.5% m/m, which is modest after advancing 4.8% in April. Specifically, hard data such as retail sales and industrial production were weaker, especially the former. Meanwhile, wages seem to be lagging, with an increas...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 1 July 2022

Mexico: Public Finances – $104.4 billion deficit in the PSBRs up to May

PSBRs deficit of $104.4 billion up to May. The MoF released its public finance report for May, in which we highlight the $104.4 billion deficit in Public Sector Borrowing Requirements (PSBR) –the broadest measure of the public balance[1]–. This compa...
Banorte Francisco Jose
Francisco Jose Flores Serrano @ Banorte 1 July 2022

Mexico: Banking credit keeps rising, driven by consumer loans

Banking credit rose 2.2% y/y in real terms, adding a second month in positive territory. Lastly, inflationary pressures continued –especially within the core component, with 18 consecutive months to the upside (7.28% y/y)–, which could imply addition...
Banorte Francisco Jose
Francisco Jose Flores Serrano @ Banorte 30 June 2022

Pause in the recovery of the labor market in May despite a favorable backdrop

The labor force decreased by 390.3 thousand, with unemployed persons +127.8 thousand. The result on job positions is negative, considering that the usual seasonality points to a moderate creation, considering the jobs that are usually lost during the...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 28 June 2022

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