Pemex-Peso-Dollar Crisis Takes its Toll in Mexico

No one is immune to the crippling effects of a crumbling currency.

With Brazil going through a period of extreme political and economic turmoil, Venezuela taking the art of basket-case economics to a whole new level, and Argentina’s economy grinding to a stagflationary halt, Latin America — in particular its Southern Cone — is not having the best of times.

One exception is Mexico. Or was! According to the economic data forecasterWorld Economics, “recession looms” for Latin America’s second largest economy. World Economics’ Sales Managers’ Index (SMI) for Mexico was just 47.3 in May. Below 50 means contraction. And it has been below 50 since February. All five sub-components — confidence, market growth, sales, prices, and staffing — are now below 50

Continue reading the article at WOLF STREET

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