Industrial Production Improving

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Mexican industrial production (IP) contracted by 10.6 y-o-y in June, only a marginal improvement from May's negative 11.5% reading, suggesting that the country's industrial base has yet to feel the benefit of a bounce in US durable goods orders and renewed domestic confidence levels. On the seasonally adjusted measure, IP growth hit a 12-year low of -11.2 y-o-y, with manufacturing particularly hard hit (falling 16.3% y-o-y), throwing further doubt on our view that Mexico's economy is already on the road to (an albeit moderate) recovery.