Mexico: IP – A surprise drop in September that signals increased caution

  • IP fell 0.2% m/m in September (+3.9% y/y), a possible early warning signal about a deeper slowdown in 4Q22

  • Inside, mining had the biggest drop at -1.2% m/m. We also highlight the 0.3% contraction in manufacturing

  • Results suggest greater headwinds for global demand and the possibility of a sharper moderation in last quarter of 2022

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