Mexico November Sales Rise Most Since 2006 on ’Black Friday’
Mexican retail sales rose the most in November in more than six years on improved domestic demand and after the country implemented holiday discounts modeled after Black Friday in the U.S.
Sales rose 7.5 percent from the same month in 2010, beating 14 of 16 forecasts of economists surveyed by Bloomberg. The figure matched the year-on-year pace of April 2005.
In a bid to boost services and consumer goods, Mexico’s government sponsored a Nov. 18-21 nationwide sales push that it called “Buen Fin,” which is Spanish for “good weekend.” Higher-than-expected sales shows that beyond the discounts, Mexico’s domestic economy continues to strengthen, said Sergio Martin, a Mexico City-based economist at HSBC Holdings Plc. (HSBA)
“Part of this is Buen Fin, but this also reflects a recovery in the domestic markets,” Martin said by phone.
Martin pointed to strong service industry performance in November’s global economic indicator, which rose a greater-than- expected 3.75 percent, and net job creation figures for 2011, which Mexico reported at over 590,000.
The peso strengthened for a ninth straight trading session, gaining 0.5 percent to 12.9507 per dollar at 11:46 a.m. Mexico City time from 13.0190 yesterday. The currency has appreciated 7.6 percent in 2012, the best performance against the dollar among the 16 most-traded currencies tracked by Bloomberg worldwide.
To contact the reporter on this story: Nacha Cattan in Mexico City at ncattan@bloomberg.net
To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net
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