In May of this year, the consumer confidence indicator (CCI) had a monthly growth of .3 points, with seasonally adjusted figures, standing at 42.7 points, the highest figure since February of last year (43.9 points), before Mexico will begin to apply sanitary measures to prevent coronavirus infections.
Among the components of the confidence indicator, the economic situation of the country, compared to 12 months ago had an advance of 1.4 points, the expected economic situation of household members within 12 months advanced 1.1 points and the economic situation of the country Within 12 months it increased .7 points, INEGI and Banco de México (Banxico) indicated in a joint statement.
While the economic situation of the household members compared to what they had 12 months ago fell .3 points and the possibility that at the present time of making purchases of durable goods fell 1.7 points.
“Although Consumer Confidence is returning to its pre-pandemic levels, it is still 5.6 points below the maximum it reached in February 2019 (48.3 points). Before the pandemic, the indicator had already decreased 4.7 points from that historical maximum, which shows that households felt a deterioration in the economic environment, even before the Covid-19 crisis began, ”said Gabriela Siller, director of economic-financial analysis of Banco Base.
Compared to May of last year, when the indicator reached its lowest point, reaching 31.2 points, the indicator showed an advance of 11.5 points, according to the National Institute of Statistics and Geography.
April and May of last year were the months in which the effects of the pandemic were most felt, losing 12 million jobs – more than 1.1 million were formal jobs.
“Confidence is expected to recover as economic activity returns to normal, although the elections to be held on June 6 could have a significant impact on this, since this significantly influences consumer expectations. Siller said.
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“In July 2018, just after the victory of AMLO and Morena in the elections, the consumer confidence indicator gave its highest monthly increase in record of 6.0 points. However, this was not reflected in consumption or economic growth ”, he concluded.
