Mexico PMI


Manufacturing sentiment declines to one-year low

In September, the IMEF manufacturing index dropped 1.4 percentage points to 51.3 points, which represents its lowest level in a year. Despite the monthly decline, the index remains above the 50-point threshold that indicates that the manufacturing sector continues to expand. The moderation was broad-based, with four out of the five sub-categories that compose the index decreasing compared to the preceding month. In particular, new orders and supplier deliveries recorded the largest drops. According to IMEF, the reading "seems to mark the beginning of a moderate downward trend, indicative of a deceleration in the pace of growth of the manufacturing sector". That said, the Mexican manufacturing sector is strongly related to its U.S. counterpart, where data from September was encouraging, with the ISM manufacturing index rising 1.9 points to 51.5 points, marking a return to positive territory after the index had remained below the 50-point threshold during three consecutive months.


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Mexico PMI Chart

Mexico PMI September 2012

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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