Mexico Leading Index Sees First Rise Since May

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The index increases 0.5% in December
RISMEDIA, Feb. 20-Mexico’s leading economic index increased 0.5% in December, according to The Conference Board. The leading index rose for the first time since May.

The Conference Board reports that this latest increase halts the downward trend in the six-month growth rate, which appears to have bottomed out in November after steadily declining since the beginning of the year. However, without the recent volatility in the cost for crude oil, the index would have been essentially flat over the last two months. In all, this suggests a lack of momentum for strong growth in the beginning of 2003, according to The Conference Board.

Three of the six components that make up the leading index decreased in December. The negative contributors to the index - from the largest negative contributor to the smallest - are net insufficient inventories, the construction component of industrial production, and stock prices. The positive contributors to the index - from the larger positive contributor to the smaller one - are the U.S. refiners’ acquisition cost of domestic and imported crude oil and the inverted real exchange rate. The inverted federal funds rate remained unchanged.

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