Despite a small improvement in the leading economic index and steady growth in the coincident economic index, it is too early to conclude the rate of Mexico’s economic expansion will accelerate in the coming months, according to The Conference Board.

The leading economic index for Mexico increased in March after declining over the past three consecutive months. Gains in net inefficient inventories and the construction component of industrial production slightly more than offset large negative contributions from oil prices and the real exchange rate.

The Conference Board reported its leading economic index for Mexico edged up 0.1% in March and now stands at 101.3 (2010=100). The leading index fell 0.1% in February and 1.4% in January, based on revised data. During the six-month span through March, the index fell 4.5%, according to The Conference Board.

Meanwhile, the coincident economic index for Mexico, a measure of current economic activity, continues on a modest upward trend. The CEI edged up 0.3% in March and now stands at 115.3 (2010=100). All of the three components that comprise The Conference Board’s coincident economic index for Mexico — the number of people employed, retail sales and industrial production— rose in March.