Mexico PMI September 2021

Mexico

Mexico: Manufacturing and non-Manufacturing PMIs fall in September

October 1, 2021

The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) fell to 49.8 in September from 50.8 in August. Consequently, the index moved below the 50-threshold, pointing to a deterioration in business conditions from the previous month. This was a result of a contraction in new orders and slower growth in production and inventories. In contrast, employment stabilized.

Meanwhile, the non-Manufacturing PMI declined from 50.4 to 50.1, due to a sharper contraction in production more than offsetting slightly faster new orders growth. Taken together, the PMI readings over Q3 as a whole suggest the economic recovery lost steam in the quarter, likely influenced by supply constraints and surging Covid-19 cases at home and in key overseas markets such as the U.S.

The LatinFocus panel projects the economy to grow 5.9% in 2021, which is up 0.1 percentage points from last month’s forecast. For 2022, the panel sees GDP growth at 3.0%.


Author:, Economist

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Mexico PMI September 2021

Note: Seasonally-adjusted IMEF PMI indices. Readings above 50 indicate an expansion/improvement in the manufacturing sector while readings below 50 indicate a contraction/deterioration.
Source: Mexican Institute of Financial Executives (IMEF, Instituto Mexicano de Ejecutivos de Finanzas).


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