Mexico: Manufacturing PMI hits highest reading since April 2022 in July; non-manufacturing PMI picks up
The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) rose to 51.8 in July from June’s 51.0. July’s result marked the strongest reading since April 2022. As a result, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in manufacturing sector operating conditions compared to the previous month. Faster expansions in new orders, output and employment drove the reading.
Meanwhile, the non-Manufacturing PMI clocked in at 51.7 in July, up from June’s 51.5, driven by faster growth in new orders and output. Taken together, the PMI data suggests a strong start to the third quarter, with the tailwinds of high remittances and firms looking to reshore production from Asia to Mexico in order to secure easy access to the U.S. market.