Mexico: Manufacturing PMI records worst reading since May 2023 in February; non-manufacturing PMI rises
The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) came in at 49.9 in February, down from January’s 51.6. February’s result marked the weakest reading since May 2023. As a result, the index dropped below the 50.0 no-change mark, signaling a deterioration in manufacturing sector operating conditions from the previous month.
The headline print reflected softer growth in output and new orders, and drop in purchasing activity and employment.
The non-Manufacturing PMI stood at 52.9 in February, up from January’s 52.0, on stronger expansions in new orders, output and employment.
Taken together, the PMI data for both sectors in January and February suggests an ongoing moderate economic expansion in Q1, in line with our panelists’ forecasts. The PMI data also suggests that services continues to outperform manufacturing.