Retail sales in Mexico decline by 0.5 percent in June
Date
8/21/2024 5:49:54 AM
(MENAFN) In June, Mexico's retail sales declined by 0.5 percent on a monthly basis, according to the National Institute of Statistics and Geography (INEGI). This decline was consistent with market expectations. The previously reported increase of 0.1 percent for May was revised to show no change. INEGI's data also highlighted that within retail commercial companies, real income fell by 0.5 percent, total employed personnel remained unchanged, and real average salaries saw a modest rise of 0.7 percent.
In the wholesale commercial sector, the figures were somewhat varied. Real income decreased by 1.7 percent in June, while the number of employed personnel grew by 0.7 percent. However, real average salaries in this sector fell by 0.3 percent. These changes reflect ongoing adjustments in the wholesale market, contrasting with the stability seen in the retail sector.
On an annual basis, retail sales showed a more pronounced decline, dropping by 3.9 percent compared to June of the previous year. This annual decrease was greater than the anticipated decline of 1.8 percent, especially given that retail sales had increased by 0.3 percent year-on-year in May. The significant drop in annual retail sales indicates ongoing challenges in consumer spending and economic conditions.
Additionally, the annual performance of real income from the supply of goods and services decreased by 7.2 percent in June. Total employed personnel in the sector experienced a slight decline of 0.2 percent, while real average salaries increased significantly by 7.6 percent. This mixed performance across various metrics underscores the complexities within Mexico's retail and wholesale sectors, highlighting both challenges and areas of growth.
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