Mexico: Manufacturing PMI picks up in September; non-manufacturing PMI loses steam
The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) rose to 50.1 in September from August’s 49.5. Consequently, the index rose above the 50.0 no-change mark, signaling an improvement in manufacturing sector operating conditions from the previous month. The headline print reflected improved readings regarding output, employment and new orders.
In contrast, the non-Manufacturing PMI clocked in at 50.9 in September, down from August’s 51.5 and marking the weakest reading since January. This was due to slower expansions in output, employment and new orders, likely on the back of weaker consumer sentiment, higher inflation and rising interest rates.
Taken together, average Q3 PMI readings across sectors suggest a loss of momentum from Q2.