Overview
- Composite ICA-ARG rose 0.2% month on month in November and 0.8% year on year, marking a second consecutive monthly gain.
- Sector detail showed agricultural labors up 5% monthly, industry up 0.4% monthly but down 4.1% year on year, construction down 0.2% monthly, retail sales down 0.9% monthly, vehicle registrations down 2.3% monthly, and registered private employment down 0.04% monthly and 0.7% year on year.
- External and fiscal gauges were mixed as total goods imports fell 1.4% on the month but rose 6.8% year on year, while national tax collection increased 0.7% on the month but remained 6.6% below a year earlier.
- The leading ILA-ARG edged up 0.1% in November but remained 1.7% below a year earlier, with a growing share of its component series turning positive in recent months.
- Consultancies diverged: Analytica reported a broadly contractive November with weakness in durables, auto sales and construction, while OJF estimated activity up 1.6% year on year but down 0.8% month on month, with mining and financial intermediation standing out.