Mexico: IP–A pause in sequential terms, albeit with resilience in manufacturing

  • IP was unchanged at 0.0% m/m in August (3.9% y/y). Modest rebound in mining, while manufacturing and construction fell

  • Consistent with our view, the sector will likely remain positive in 3Q22, although decelerating at the margin vs 1H22

  • Ahead, IP could be affected by uncertainty related to fears of a global recession triggered by monetary tightening

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