Overview
- INDEC's September data showed manufacturing output fell 1.8% from August and 2.6% year‑on‑year while the construction ISAC rose 5.1% month‑to‑month.
- The industrial decline was broad‑based with steep drops in machinery and equipment (-26.8%) and other equipment (-22%), plus falls in garments, furniture and vehicles that deepen pressure on capacity.
- Industry leaders say job losses are mounting: the UIA estimates about 95,000 formal industrial jobs lost since August 2023 and an average of 3,700 monthly declines during 2026, raising calls for competitiveness measures.
- Construction's September rebound was driven by higher use of specific inputs — paints +22.4%, ready‑mix concrete +12.8% and cement +4.6% — but the quarter still closed in negative territory and the trend‑cycle sits near zero.
- Leading indicators temper the construction gain because registered construction employment rose modestly while building permits fell 10.9% and large contractors report mostly flat or negative expectations, leaving the recovery fragile and dependent on credit and public payments.