MexECON Blog

November Retail Sales Rise 0.8 Percent

Mexican retail sales rose in November by a seasonally-adjusted 0.8%, just enough to erase their revised declines of 0.1% in October and 0.6% in September.  On an unadjusted, constant-price basis, sales in November were up 1.2% from the same month one year earlier.  The retail subsectors posting year-over-year sales gains in November were on-line and catalogs; food, beverages, and tobacco; recreational, paper, and personal products; healthcare; and department stores.

At the wholesale level, sales rose 0.3% in November, after a rise of 0.8% in October.  Nevertheless, sales at the wholesale level were down 0.3% year-over-year.

Comment:  Mexican retail sales continue to trend upward, and the rebound in November is consistent with my suggestion last month that the softness in late autumn probably only represented consumers taking a breather from their summer shopping spree and preparing for the big holiday sales coming up.  Since the Mexican labor market seems to have firmed significantly in the second half of 2014, with unemployment falling markedly, I would expect further gains in consumer confidence and retail demand going forward.

Patrick Fearon, CFA
Vice President, Fund Management

 Retail Sales 1411

Wholesale Sales 1411

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