MexECON Blog

February Retail Sales Rise 0.5 Percent

Mexican retail sales rose by a seasonally-adjusted 0.5% in February, after an unrevised increase of 2.1% in January.  On an unadjusted, constant-price basis, sales in February were up a strong 5.6% from the same month one year earlier.  The retail subsectors posting the best year-over-year sales gains in February were on-line and catalogs; home décor, domestic appliances, and computers; clothing, footwear, and textile goods; and healthcare.

At the wholesale level, February sales jumped 1.3%, accelerating from the 0.2% gain in January and marking their fifth straight monthly increase.  Wholesale receipts in February were up 4.0% year-over-year.

The report was released today by INEGI, the official statistics agency.

Comment:  The Mexican economy is not growing particularly strongly, but a steep decline in Mexican unemployment since last summer continues to encourage stronger consumer demand.  As that feeds back to Mexican producers, it could give a boost to the economy in the coming months.  That would help mitigate the risk from low oil prices, reduced government spending, and a likely hike in U.S. interest rates later this year.

Patrick Fearon, CFA
Portfolio Manager

Retail Sales 1502

Wholesale Sales 1502

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