Widespread weakness in the leading economic index and the slower growth in the coincident economic index suggest Mexico’s economy will continue struggling to gain traction in the second half of 2015, according to The Conference Board.

The leading economic index for Mexico fell in May following a small decline in April. A large gain in oil prices was more than offset by negative contributions from net insufficient inventories, the construction component of industrial production, and the (inverted) real exchange rate.

The Conference Board reported its leading economic index for Mexico fell to 102.0 (2010=100) in May. The leading index fell 0.2% in April but rose 1.5% in March, based on revised data. During the six-month span through May, the index fell 4.0%. The leading economic index has declined in five of the last six months; as a result, the six-month change in the leading economic index remains negative.

Meanwhile, the coincident economic index for Mexico, a measure of current economic activity, remained unchanged in May and now stands at 115.6 (2010=100). The coincident economic index rose 0.3% in both April and March. Two of the three components that comprise The Conference Board’s coincident economic index for Mexico — the number of people employed and retail sales — rose in May, while industrial production declined.