Overview

• Preliminary IOCP readings indicate month-on-month changes of -0.7% in July and 0.0% in August for spending on goods and services.
• On a year-over-year basis, the gauge shows declines of 0.7% in both July and August.
• If the estimates are confirmed, January through July would feature four monthly contractions and five annual drops.
• The cooling trend aligns with softer formal labor conditions and a slowdown in remittances, with final data through June showing a 0.5% cumulative decline.
• The IOCP is an experimental, higher error preview of the IMCP, and the definitive July IMCP figure is scheduled for October 3.