Mexico PMI January 2020


Mexico: Manufacturing PMIs bounce back at the turn of 2020

February 5, 2020

The seasonally-adjusted manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) climbed from 47.0 in December to 48.2 at the start of 2020, signaling a softer contraction in the manufacturing sector. Notably, production, new orders and employment declined at milder rates in January compared to the previous month, driving the indicator’s upturn.

Similarly, the seasonally-adjusted manufacturing PMI produced by IHS Markit jumped to 49.0 in January from 47.1 in December, which had marked the worst reading since the survey began in April 2011. Thus, the index moved up towards the 50-threhold, indicating a weaker deterioration in business conditions in the manufacturing sector. January’s rise largely reflected a return to growth in employment and business confidence reaching an eight-month high. Moreover, although output and new orders fell, their pace of decline moderated compared to December.

According to the LatinFocus Consensus Forecast panel, industrial output will increase 0.5% in 2020. Our panel sees industrial output increasing 1.3% in 2021.

Author:, Economist

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Mexico PMI Chart

Mexico PMI January 20 20

Note: Manufacturing ISM Report On Business (PMI) for the U.S., seasonally-adjusted manufacturing index for Mexico and IHS Markit Manufacturing PMI. Readings above 50 indicate an expansion/improvement in the manufacturing sector while readings below 50 indicate to a contraction/deterioration.
Source: Institute for Supply Management (ISM), Mexican Institute of Financial Executives (IMEF, Instituto Mexicano de Ejecutivos de Finanzas) and IHS Markit.

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