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  • Mexico’s industrial output plunged in July, with manufacturing and construction the key drags.
  • Tentative stabilisation emerges as PMI improves, but trade noise and weak confidence keep risks elevated.
  • Peru’s BCRP trims rates toward neutral as inflation eases and activity is resilient; risks still loom, though.

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Keywords for: 17 September 2025 LatAm Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence