Mexico PMI May 2021


Mexico: IHS Markit manufacturing PMI deteriorates in May, but IMEF PMIs increase

June 1, 2021

The IHS Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 47.6 in May from April's 48.4. Consequently, the index fell further below the 50-threshold, signaling a sharper deterioration in business conditions compared to the previous month. The reading was driven by sharper declines in output and new orders.

In contrast, the seasonally-adjusted manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) rose from 51.6 to 52.3, amid improvements in employment, output and new orders. Moreover, the non-manufacturing PMI rose from 51.7 to 53.6.

Despite conflicting manufacturing PMI data, the overall picture is one of improving economic dynamics so far this quarter, amid low domestic Covid-19 cases and as recoveries abroad—particularly in the United States—gather pace.

According to the LatinFocus Consensus Forecast panel, industrial production will grow 6.1% in 2021, which is unchanged from last month’s projection. In 2022, panelists see industrial output climbing 3.0%.

Author:, Economist

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Mexico PMI Chart

Mexico PMI May 2021

Note: Seasonally-adjusted IMEF manufacturing index and IHS Markit Manufacturing PMI. 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) and IHS Markit.

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