Mexico’s economic expansion faces increasing downside pressure in the coming months, according to The Conference Board.

The leading economic index for Mexico fell again in January and December’s decline in the index was revised further downward. Much of the decline has been driven by falling oil prices, but the financial sector has also started to show signs of weakness in the past two months.

The Conference Board reported its leading economic index for Mexico fell 2.0% in January and now stands at 100.6 (2010=100). The leading index fell 3.5% in December and rose 1.0% in November, based on revised data. During the six-month span through January, the index fell 6.2%, substantially down from the 3.3% increase in the previous six months, according to The Conference Board.

Meanwhile, the coincident economic index for Mexico, a measure of current economic activity, continues on a slightly upward trend. The CEI edged up 0.3% in January and now stands at 114.6 (2010=100). All three components that comprise The Conference Board’s coincident economic index for Mexico — the number of people employed, industrial production and retail sales — rose in January.