Mexico industrial production up 2 percent in June

Nathan Andrada – Fourth Estate Cooperative Contributor

Mexico City, Mexico (4E) – Industrial production in Mexico climbed in June from the previous year, but fell from the previous month in seasonally adjusted terms after gaining five months in a row, according to the National Statistics Institute report released Monday.

Industrial output jumped 2 percent in June from a year-ago period as gains in manufacturing, utilities and construction were partially offset by a decline in mining and oil-and-gas production. The gain matches with median estimates of 10 analysts surveyed by the Wall Street Journal who called for a 2.1 percent rise.

Construction surprisingly climbed from May and rose 2.2 percent from June last year, posting its first annual rise since November 2012.

A decline in construction resulted to a weak 1.1 percent gross domestic product (GDP) growth in 2013 and prompted the Mexican government to increase public spending this year aimed to boost growth.

Industrial production fell 0.18 percent in June from May based on seasonally adjusted terms, which marks the first drop after five straight months of growth. An increase of 1.2 percent in construction partially offset lower manufacturing and oil output.

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