Mexican consumer confidence to rise modestly in November

Mexico's consumer confidence is expected to modestly rise to 92 in the month of November by market consensus, while for the previous month it stood at 91.3.

There was a rise in retail sales this year, so this is very little surprise. This might probably be a reflection of slow changes in the country's labor market, in terms of both unemployment and nominal wage growth.

"The index's current level is nearly 5% lower than the cyclical peak in H2 12-H1 13 and we expect it to remain close to the recent average despite a rise in November (SGe: 92.4)", estimates Societe Generale.