Mexico enters September 2026 with three genuinely positive macroeconomic signals: the peso appreciated to two-year lows versus the dollar, inflation continues its descent, and consumer confidence hit its best level in 10 months. However, the underlying picture that matters for B2B credit management remains unchanged: manufacturing continues contracting annually, registered employers fell again, and Banxico holds rates at 6.50% with upside risks in services inflation. Macroeconomic improvement is not being