The austerity efforts of the new regime have achieved a primary surplus of 217 billion pesos in the first seven months of the year.

The figure is extraordinary considering the semi-recessive context of the Mexican economy.

The surplus is mainly achieved by a cut and under-exercise of public spending across the entire length and breadth of the budget, with some exceptions.

However, there is no free lunch. Austerity has accentuated the effects of uncertainty for investment derived from external factors and internal policies.

The drop in collection in real terms of ISR in July is 10.1% compared to the same month of 2018. The VAT falls 7.9%.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Oil revenues plummet 26%.

The IMEF indicator of manufacturing activity accelerates the fall in August to link 4 months in contraction.

The Non-Manufacturing indicator (services) accumulates 4 months in the contraction zone. What is redeemable is that adjusted for company size, the index reaches the expansion zone, jumping from 47.3 to 51 (50 divides expansion from contraction).

From January to July, 538,458 formal jobs (affiliated to the IMSS) from positions with income of 3 or more minimum wages have been lost, in a clear sign of deterioration in the labor market in an environment of uncertainty.

ANTAD same-store sales show annual growths below inflation in July.

Austerity - without a productivity strategy - threatens to generate a perverse dynamic between restricting public spending - economic contraction - falling revenue, which in turn limits the potential for spending in the future.

It is essential to review the excesses in reducing spending in areas that are necessary for economic growth and the well-being of the population in the short and long term.

Likewise, it is necessary to clear the doubts and obstacles that generate the reluctance of individuals to invest.

The alternative is the slide.