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Mexico PMI September 2023

Mexico: Manufacturing and non-manufacturing PMIs continue to point to robust economy in September

The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) came in at 51.5 in September, down from August’s 52.2. As a result, the index remained above the 50.0 no-change threshold, pointing to a continued, albeit moderating, improvement in manufacturing sector operating conditions from the previous month. Slower growth in new orders and employment were behind the dip.

Meanwhile, the non-Manufacturing PMI clocked in at 53.3 in September, up from August’s 52.4 and driven by faster expansions in output, new orders and employment.

Taken together, PMI data for Q3 as a whole suggests that Mexico’s economy continued to expand at a brisk pace in the period, in line with our panelists’ forecasts. Strong remittances, tourism, U.S. export demand and nearshoring investment likely all buttressed activity.

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