Juan Carlos Alderete Macal

Banorte

Director of Economic Research @ Banorte

Juan Carlos Alderete has 15 years of experience in the financial sector and is Head of Economic Research, responsible for modeling the main economic variables and outlook for Mexico and major economies. He was previously Chief FX Strategist at the same institution and has experience in the analysis of the equity, debt, and real estate markets. He was recognized with the Refinitiv StarMine Award as the best forecaster for the Mexican economy in 2019. Alderete holds a Bachelor’s Degree in Economics from ITAM, where he graduated magna cum laude, and is a CFA Charterholder since 2014. He has been a panelist in specialized industry forums and his opinions and research are frequently quoted in domestic and foreign specialized news agencies and sites, among others.

Juan Carlos Alderete Macal
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Latest from Juan Carlos Alderete Macal

Mexico: November CPI – Strong downward surprise, both at the core and non-core

Headline inflation grew 0.58% m/m, with the core at 0.45%, mostly explained by the positive effects of El Buen Fin. As such, annual headline inflation fell to 7.80% from 8.41%, but the core climbed to 8.51% (previous: 8.42%). Given this result, we re...
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Juan Carlos Alderete Macal @ Banorte 8 December 2022

Mexico: Domestic demand–A step back in investment while consumption consolidates

GFI fell 0.9% m/m (+3.3% y/y) with machinery and equipment down by 1.4% and construction at -0.8%. Consumption rose 0.4% m/m (+6.1% y/y), boosted by imported goods (+1.4%) and services (+0.6%). We believe consumption will remain as the main driver fo...
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Juan Carlos Alderete Macal @ Banorte 6 December 2022

Weekly economic calendar - For the week ending December 9, 2022

In the US, University of Michigan’s consumer sentiment and trade balance. Final 3Q22 GDP in the Eurozone, trade balance and inflation in China, and monetary policy decision in Brazil. In Mexico, November CPI, GFI, private consumption, and the banking...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 5 December 2022

Mexico: Ahead of the Curve

CPI in November up 0.69% m/m (+7.92% y/y), with positive seasonality at the core and a well-behaved non-core. GFI in September to climb 0.1% m/m (+5.3% y/y) despite sequential declines in construction and machinery & equipment. Other relevant release...
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Juan Carlos Alderete Macal @ Banorte 2 December 2022

Mexico: Minimum Wage – 20% increase in 2023

Today, CONASAMI announced a 20% increase in the minimum wage for 2023, from $172.87 to $207.44 per day. The government maintains its policy of a gradual recovery in wages, with support from unions and the private sector. This news comes in an environ...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 2 December 2022

IMEF’s PMI surveys–Consolidation in services, with manufacturing inching higher

The manufacturing PMI rose to 50.5pts (0.5pts) in November, with an expansion in ‘new orders’ and ‘employment’. Non-manufacturing also climbed,up to 53.4pts (1.7pts). Mixed performance inside,with ‘new orders’ standing out (+2.1pts). Results showed t...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 2 December 2022

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