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Mexico PMI January 2022

Mexico: Manufacturing PMI records worst reading since September 2020 in January; Services PMI declines

The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) fell to 48.8 in January from December’s 53.2. January’s result marked the weakest reading since September 2020. As such, the index dropped below the 50-threshold, signaling a deterioration in business conditions from the previous month. The decline was a result of worsening signals from all subsectors, particularly new orders, output and employment. Firms also added to their inventories at a notably slower rate.

Meanwhile, the non-Manufacturing PMI came in at 49.0 in January, down from December’s 52.8. Subindicators for new orders, output and employment all moved into contractionary territory in the month. The lower PMI readings in January can likely be attributed to the surge in Covid-19 cases due to Omicron, with ensuing staff absences and weaker sentiment among consumers.

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