Mexico: Manufacturing and non-Manufacturing PMIs recede in October
The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) fell to 50.5 in October from September’s 51.1. October’s result marked the weakest reading since May. As a result, the index remained above the 50.0 no-change mark, but pointed to a softer improvement in manufacturing sector operating conditions from the previous month. The headline print reflected weaker growth in output and new orders.
Meanwhile, the non-Manufacturing PMI stood at 52.2 in October, down from September’s 52.9, on weaker growth in employment, output and new orders.
Taken together, the PMI data points to ongoing—albeit slower—economic growth in Q4 relative to Q3, which is in line with our panelists’ forecasts.