Overview

• Seasonally adjusted industrial activity fell 0.3% from July and 2.7% year over year in August, while the original series shows a 3.6% annual drop.
• Construction was the main drag, declining 2.2% month over month as civil engineering tumbled 6.3% on the month and 23.8% on the year.
• Government fixed investment fell 22.4% through July as the federal fiscal plan seeks to narrow the deficit from about 5.7% to near 4% of GDP.
• Manufacturing edged up 0.2% on the month but remains weaker annually; transport equipment output fell 8.4% year over year and only 10 of 21 branches posted gains.
• For January to August, industrial activity is down 1.7% compared with the same period in 2024.