Mexico's April IP suggests growth slipped in Q2 on yoy basis

April industrial production growth (1.1% yoy and -0.1% mom on a seasonally-adjusted basis) suggests overall growth slipped further in April to 2.1% yoy. 

That said, the economy likely grew nearly 0.7% mom and, assuming some acceleration over next couple of months on improving US demand growth, appears set to grow at close to Q2 growth expectation of 3.5% qoq (annualised rate). 

Over the past three quarters (excluding Q1), the economy has been growing near its trend, which seems to have moved to between 2.4% and 2.7%