Mexico industry output suffers setback in April despite record rebound By Reuters – Investing.com

SourceInvesting.com
SectorIndustrial
CountryMiddle east

© Reuters. FILE PHOTO: A general view shows Ark de Mexico, an assembly factory that makes wire harnesses and electric components for the automobile industry, in Ciudad Juarez, Mexico June 25, 2019. REUTERS/Jose Luis Gonzalez

MEXICO CITY (Reuters) – Mexican industrial output fell month-on-month for the first time in 11 months in April, even as activity rose by a record margin from the previous year thanks to a rebound from a pandemic-induced contraction in 2020, official data showed on Friday.

Compared with March, industrial output dropped 0.2% in seasonally adjusted terms as expansion in the mining sector was offset by declines in manufacturing, construction and energy, data published by national statistics office INEGI showed.

“Supply-chain frictions, cost-push pressures, lingering policy uncertainty, weak business confidence, and slow progress with the vaccination program are likely to weigh on the broad industrial sector for a while despite firmer external demand,” said Goldman Sachs (NYSE:) economist Alberto Ramos.

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