Mexico PMI November 2018


Mexico: Manufacturing hits the brakes in November

December 3, 2018

Mexico’s manufacturing sector hit the brakes in November. On the one hand, the seasonally-adjusted manufacturing indicator produced by the Mexican Institute of Financial Executives (IMEF) fell from October’s 50.1 points to 49.7 points. As a result, the indicator dipped below the threshold that separates expansion from contraction in the manufacturing sector. According to the IMEF, the deterioration was driven by a fall in output and new orders.

On the other hand, the manufacturing Purchasing Managers’ Index (PMI) produced by IHS Markit landed 1.0 point lower than in October. The manufacturing PMI came in at 49.7 points in November (October: 50.7 points), below the 50-point threshold that separates expansion from contraction in the manufacturing sector. New orders stagnated as demand waned, driving a contraction in output. Regardless, firms remained optimistic in the month.

According to the FocusEconomics Consensus Forecast panel, industrial production will increase 1.6% in 2019. The panel of analysts surveyed this month sees industrial production expanding 2.1% in 2020.


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Mexico PMI Chart

Mexico PMI November 2018

Note: Manufacturing ISM Report On Business (PMI) for the U.S., seasonally-adjusted manufacturing index for Mexico and IHS Markit Manufacturing PMI. Readings above 50 points indicate an expansion in the manufacturing sector while readings below 50 points indicate to a contraction.
Source: Institute for Supply Management (ISM), Mexican Institute of Financial Executives (IMEF, Instituto Mexicano de Ejecutivos de Finanzas) and IHS Markit.

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