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  • Mexico’s industrial output fell, as mining and construction wiped out fragile manufacturing gains.
  • The job market is cooling and falling remittances are squeezing incomes, hurting private consumption.
  • Fiscal stimulus and Banxico rate cuts will cushion growth, but recovery prospects remain fragile.

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Keywords for: 20 October 2025 LatAm Monitor

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