Mexico PMI


PMI indicator stays in positive territory

The seasonally-adjusted manufacturing indicator published by the Mexican Institute of Finance Executives (IMEF) inched down from 50.4 points in November to 50.3 points in December. Although the result came in below market expectations of 51.5 points, the index is still just barely above the 50-point threshold that separates expansion from contraction in the manufacturing sector.

December's subdued reading primarily reflected an improvement in employment and supply deliveries, which compensated for the slight decrease in new orders and production levels.

The Mexican manufacturing sector is strongly linked to the manufacturing sector in the United States, where the ISM manufacturing index also declined in December and fell to 57.0 points (November: 57.3 points). Nevertheless, the index remains in expansion territory, which bodes well for the Mexican manufacturing sector in the months ahead.

LatinFocus Consensus Forecast panelists expect Mexican industrial production to increase 3.1% in 2014, which is down 0.3 percentage points over the previous month's projection. Panelists see industrial production expanding 3.7% in 2015.

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Mexico PMI Chart

Mexico PMI December 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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