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Consumer confidence jumps 33 percent in Mexico

Staff Writer |
Consumer confidence in Mexico jumped 32.8 percent in January compared to the same period in 2018, driven by greater optimism about the future of the economy, the national statistics institute (Inegi) said on Wednesday.

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Optimism in the economy rose 72 percent in January year on year, according to a joint survey by Inegi and Mexico's Central Bank (Banxico).

The survey, which queried consumers in 32 cities across the country, found 31.1 percent more respondents said they had greater possibilities of purchasing durable goods than the year before.

"Today's data appears to indicate that the optimism is greater and more persistent than expected," financial group Banorte wrote in a report to clients based on the latest figures.

"Now we hope this confidence finds more supported in the recent policies implemented by the federal government, which aim to help increase the earnings of lower income households," Banorte said.

Mexican President Andres Manuel Lopez Obrador took office on Dec. 1 pledging to improve wages and create jobs, especially for young Mexicans entering the workforce.

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