Mexico: Manufacturing PMI rises in November; non-manufacturing PMI improves

The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) came in at 50.5 in November, up from October's 50.0, aided by faster growth in employment and inventories, and a recovery in new orders. As a result, the index moved above the 50.0 no-change threshold, pointing to an improvement in manufacturing sector operating conditions from the previous month.

The non-Manufacturing PMI clocked in at 53.4 in November, up from October’s 51.7 and boosted by faster growth in new orders and output.

Taken together, PMI readings for October and November suggest an ongoing economic expansion in Q4.

The LatinFocus panel projects the economy to grow 1.2% in 2023, which is down 0.1 percentage points from last month’s forecast. For 2024, the panel sees GDP growth at 2.0%.