Juan Carlos Alderete Macal


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: 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....
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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...
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Juan Carlos Alderete Macal @ Banorte 1 July 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...
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Juan Carlos Alderete Macal @ Banorte 28 June 2022

Mexico: Trade balance – Modest impact in May because of Chinese lockdowns

Today’s report suggests further strength in activity despite ongoing supply disruptions. Details are presented in Table 1. On exports, agricultural goods fell 0.3%, although quite modest considering the +8.3% from the previous month and still consist...
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Juan Carlos Alderete Macal @ Banorte 27 June 2022

Weekly economic calendar - For the week ending July 1, 2022

The US agenda is bulky, with 1Q22 GDP (3rd estimate), PCE deflator, trade balance, and personal spending, among others. In other regions, we highlight speakers in the ECB Forum on Central Banking and PMIs in China. Mexico’s data includes the unemploy...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 27 June 2022

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Juan Carlos Alderete Macal
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Fixed Income - Sovereign