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Mexico PMI November 2023

Mexico: Manufacturing and non-manufacturing PMIs fall in November

The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) fell to 50.2 in November from October’s 51.2. November’s result marked the weakest reading since May. 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. The headline print reflected weaker readings for new orders and output.

The non-Manufacturing PMI stood at 52.7 in November, down from October’s 52.9, and also driven by softer readings for new orders and output.

Taken together, the PMI data for October and November suggests slowing—yet still expanding—economic activity in Q4, in line with our panelists’ expectations.

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