Mexico PMI June 2020


Mexico: Manufacturing PMIs climb in June but remain well entrenched in contractionary terrain

July 1, 2020

The seasonally-adjusted manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) clawed back up to 42.0 in June from 37.6 in May, which had marked the lowest reading on record. Despite the increase, the print signaled that the manufacturing sector continued to contract at a marked pace. Softer declines in both production and new orders drove the indicator’s climb.

Similarly, the seasonally-adjusted manufacturing PMI produced by IHS Markit inched up from 38.3 in May to 38.6 in June. As a result, it remained well below the 50-threshold, pointing to a further stark deterioration of business conditions in the manufacturing industry. June’s uptick was largely driven by a softer fall in new export orders and less pessimism among manufacturers. That said, demand conditions remained bleak as Covid-19 continues to take its toll.

According to the LatinFocus Consensus Forecast panel, industrial output will plunge 8.2% in 2020. Our panel sees industrial output increasing 2.6% in 2021.

Author:, Economist

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Mexico PMI Chart

Mexico PMI June 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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