Affiliations: [a] Departamento de Estadística, ITAM, México 01080, México | [b] Centro de Estudios, Instituto Federal de Telecomunicaciones, México 03100, México
Corresponding author: Víctor M. Guerrero, Departamento de Estadística, ITAM, México 01080, México. E-mail: [email protected]
Note:  A previous version of this manuscript was published in Estadística in 2014, Volume 66, numbers 186–187, pp. 9–29. The authors thank Kirsten West, Editor-in-Chief of the Statistical Journal of the IAOS, Alphonse L. MacDonald Inter-American Statistical Institute Liaison Officer SJIAOS and Clyde Charre, Editor in Chief of Estadística, for their encouragement and support to write this new version of the paper.
Abstract: We present an analysis of the Manufacturing Business Opinion Survey carried out by Mexico’s national statistical agency. We describe first the survey and employ exploratory statistical analyses based on coincidences and cross-correlations. We also consider forecasting models for the indices of industrial production and the Mexican global economic activity, including opinion indicators as predictors as well as lags of the quantitative variable to be predicted, so that the net contribution of the opinion indicators can be best appreciated in a forecasting experiment. The forecasting models employed are statistically adequate in the sense that they satisfy the underlying assumptions, so that statistical inferences and conclusions are validated by the data at hand. Our results lend empirical support to the intuition that this survey provides information that anticipates the behavior of important macroeconomic variables, such as the Mexican index of global economic activity and the index of industrial production. We include a section where some original tables and figures covering data up to year 2009 are updated to include data up to October 2017. These new tables show that the original conclusions remain valid even though the data were subjected in 2011 to some modifications due to a three-fold increase of the sample size and an extended coverage of economic activities.