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Mexico PMI April 2021

Mexico: IHS Markit manufacturing PMI improves in April

The manufacturing PMI produced by IHS Markit climbed from 45.6 in March to 48.4 in April, the highest reading in over one year. Nevertheless, it remained below the 50-threshold, pointing to another deterioration of business conditions in the manufacturing industry. April’s rise was driven by softer contractions in output, new orders and employment.

In contrast, the seasonally-adjusted manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) fell from 51.0 in March to 50.3 in April, but remained above the critical 50-point threshold, indicating an expansion in the manufacturing sector. April’s dip was driven by slower output growth. Meanwhile, the non-manufacturing sector moved further into expansionary territory in April, amid easing restrictions and lower Covid-19 cases.

Overall, the PMIs paint a fairly encouraging picture of the economy at the outset of Q2. Indeed, our panelists expect the economy to strengthen markedly this quarter, as the recovery abroad—particularly in the United States—gathers pace.

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