On the soon to be announced GDP figures, he said that because of the climate over winter it was likely to be "a pretty bad quarter" but said there should be evidence of "quite stronggrowth beginning to happen in manufacturing and exports".
The industrial production data issued on August 15th showed better-than-expected growth of 0.2% in July and also suggest quitestrong productivity growth in the manufacturing sector.
"While wages are still relatively low in Mexico, employment growth has been quitestrong for two years running, especially formal sector employment that comes with some fringe benefits, " said Pia Orrenius, senior economist at the Federal Reserve Bank of Dallas.