Mexico May auto output up yr/yr but still lagging

(New throughout, adds 2008 comparison)

MEXICO CITY, June 14 (BestGrowthStock) – Mexican auto production
rose sharply in May from a year earlier but was still below the
level in May of 2008, underscoring the country’s
still-incomplete recovery from recession.

Mexico produced 178,738 cars in May, the country’s AMIA
auto industry group said on Monday. That was up 65 percent from
the same month in 2009, when the country was still in the grips
of a deep recession caused by a fall in U.S. consumer demand.

Most of Mexico’s exports go to the United States, and the
U.S. economic recovery is now reviving demand for Mexican-made
cars, televisions and refrigerators. Car exports, which were up
74 percent from a year earlier, grew for seven straight months
through May.

Nonetheless, production was still 0.25 percent lower than
during the same month in 2008. The Mexican economy shrank 6.5
percent in 2009, and economists do not expect a full rebound
until next year.

AMIA does not release seasonally adjusted data, so it was
not clear if the data showed a real increase or a decrease from
production levels in April.

The raw data showed a rebound of 5 percent in May from
April.

Stock Market Advice
(Reporting by Jason Lange and Luis Rojas; Editing by Dan
Grebler)

Mexico May auto output up yr/yr but still lagging