Mexico PMI


Manufacturing sector moving in positive territory

The seasonally-adjusted manufacturing indicator published by the Mexican Institute of Finance Executives (IMEF) rose from 49.2 points in October to 50.1 points in November. The result, which was virtually in line with market expectations, came in just barely above the 50-point threshold that separates contraction from expansion in the manufacturing sector.

November's increase reflected that new orders and production levels showed a healthy increase and thus returned to expansion territory. Supplier deliveries also improved compared to the previous month. Conversely, confidence in employment edged down in November.

The Mexican manufacturing sector remains strongly linked to the manufacturing sector in the United States, where the ISM manufacturing index improved notably in November, rising to 57.3 points (October: +56.4 points). The index now hovers at the highest level in more than two years, which will bode well for the Mexican manufacturing sector in the months ahead.

LatinFocus Consensus Forecast panelists expect Mexican industrial production to increase 1.7% this year, which is down 0.5 percentage points over the previous month's projection. Panelists see industrial production expanding 3.8% in 2014, which is down 0.3 percentage points from last month's forecast.

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Mexico PMI Chart

Mexico PMI November 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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