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Mexico unemployment rate 2.72% in Aug-23

- Mexico's unemployment rate in August 2023 decreased to 2.72%, the lowest level since June 2023.
- The current unemployment rate is below both the one-year and long-run averages, indicating sustained improvement in the job market and a positive outlook for Mexico's economy.

Mexico economic activity growth 3.45% y-o-y in Jul-23

- Mexico's economic activity growth in July 2023 registered a year-on-year increase of 3.45%, marking the lowest growth rate since May 2023.
- Despite the slowdown, the growth rate remains 1.40 percentage points above the long-run average, suggesting a resilient performance compared to historical norms.

Mexico retail sales 0.24% m-o-m (consensus 0.2%) in Jul-23

- Retail sales in Mexico experienced a slower growth rate in July 2023, increasing by only 0.24% month-on-month, compared to 2.25% in the previous month.
- Despite the slowdown, the growth rate in July was still above the long-run average by 0.08 percentage points, indicating a relatively strong performance in a broader historical context.

Mexico CPI inflation 4.64% y-o-y in Aug-23

- Mexico's CPI inflation rate in August 2023 stood at 4.64% y-o-y, recording the lowest growth since February 2021 and lower than the one-year average by 2.17 percentage points.
- The significant deviation of 17.04 percentage points below the long-run average highlights the disparity between the current inflation level and the usual trend, emphasizing structural changes in the economy. Additionally, the higher core CPI inflation indicates ongoing inflationary pressures in essential goods and services.