The industry recovers the pace of activity prior to Covid-19 – Economy

Mexico City. For the first time since the health emergency caused by Covid-19, last October the use of installed capacity in the manufacturing industry exceeded that of the same month of 2019, reported the National Institute of Statistics and Geography (Inegi). It stood at 78.4 percent, up from the 77.4 percent registered last year.

According to the Monthly Survey of the Manufacturing Industry (EMIM), in October the personnel employed in the manufacturing industry grew 0.3 percent compared to September, but it is still 2.3 percent below that registered in the comparable period of 2019.

Although hours worked also grew 1.2 percent compared to September, at an annual rate they fell 3 percent; while the real average wages paid to workers in this industry advanced 1.6 percent and 2.5 percent at an annual rate in seasonally adjusted figures.

Contrasts

The data show that the rebound in the use of manufacturing production facilities occurred in the sectors of accessories, electrical appliances and electrical power generation equipment, in the beverage and tobacco industry and to a lesser extent in manufacturing Of transport.

This contrasts with the slump in the manufacturing of clothing, other textiles and the printing industries.

The Inegi also reported that the decline in economic activity has lasted until November, although at a lower rate.

One month after the end of the year, the economy contracted 5 percent annually, with a deterioration in industrial production, after having decreased 5.4 percent in October.

The estimates are based on the Timely Indicator of Economic Activity (IOAE), the fastest measurement that the agency has to measure the course of production in the country.

Inegi explained that in addition to the 5 percent drop in the country’s economy in November, only industries would have fallen 5.3 percent and services 4.8 percent.

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