Mexico PMI October 2021

Mexico

Mexico: Manufacturing and Services PMIs improve in October

November 1, 2021

The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) rose to 50.7 in October from September's 49.9. As such, the index rose above the 50-threshold, signaling an improvement in business conditions from the previous month. The increase was driven by renewed expansions in new orders and employment, as well as faster production growth. Meanwhile, firms grew their inventories at a faster pace compared to the prior month.

Meanwhile, the non-Manufacturing PMI rose from 50.4 to 52.1, due to faster growth in output, new orders and employment. Taken together, the PMI readings suggest a strong start to Q4, likely spurred in part by tumbling Covid-19 cases.

The LatinFocus panel projects the economy to grow 6.0% in 2021, which is up 0.1 percentage points from last month’s forecast. For 2022, the panel sees GDP growth at 3.0%, unchanged from last month.


Author:, Economist

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Mexico PMI October 2021 0

Note: Seasonally-adjusted IMEF PMI indices. 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).


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