Overview
- The UIA estimates October industrial activity rose 0.3% month over month on a seasonally adjusted basis but fell about 2% from a year earlier and remains roughly 3.7% below December 2024 levels.
- Factory capacity use averaged about 58% through September, near the worst levels outside the 2020 shutdown, while the sector has shed 15,600 jobs since December 2024 and 42,400 since November 2023.
- Household spending remains soft, with supermarket sales down 0.2% in September on a seasonally adjusted basis, extending six consecutive monthly declines and leaving volumes 3.6% below March.
- An import surge is squeezing appliance makers, with washing machine imports jumping from 51,000 units in 2023 to 916,000 so far in 2025 and refrigerator imports reaching 771,000 in the first 10 months.
- Corporate strain is evident as Whirlpool closed its Pilar washing machine plant and dismissed 220 workers, even as pockets linked to oil refining, oilseeds and motorcycles show resilience and exports to Brazil fell 6.2% in October alongside a sharp drop in agro dollar liquidations.