Mexico PMI


Confidence in the manufacturing sector improves in July

After falling to its lowest level in four years in June, the seasonally-adjusted IMEF manufacturing index jumped to 48.6 points in July (June: 46.5 points) as expected by the market. Despite the monthly increase, however, the index remains below the 50-point threshold that indicates a contraction in the manufacturing sector.

Confidence increased across-the-board compared to the previous month. Supplier deliveries saw the biggest gain, reaching a seven-month high. That said, only inventories came in above the 50-point threshold; the other four sub-indicators remained under 50 points.

Meanwhile, in the United States, the ISM manufacturing index jumped from 50.9 points in June to 55.4 points in July. Building on the strong monthly increase, the index reached its highest level in over two years, which which bodes well for its Mexican counterpart in the months ahead.

LatinFocus Consensus Forecast panellists expect Mexican industrial production to increase 2.5% this year, which is down 0.6 percentage points over the previous month's projection. For next year, panellists see industrial production expanding 3.9%.

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Mexico PMI Chart

Mexico PMI July 2013

Note: Composite index in the manufacturing report on business (PMI) for the U.S. and seasonally-adjusted manufacturing index for Mexico. Readings above 50 points indicate an expansion in the manufacturing sector while readings below 50 points indicate to a contraction.
Source: Institute for Supply Management (ISM) and Mexican Institute of Financial Executives (IMEF, Instituto Mexicano de Ejecutivos de Finanzas).

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