Mexico PMI May 2020


Mexico: Manufacturing PMIs diverge but remain in dire conditions amid Covid-19 blow

June 1, 2020

The seasonally-adjusted manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) fell deeper in negative territory from 41.0 in April to 39.2 in May. The result marked the lowest reading on record and signaled a sharper contraction of the manufacturing sector. Plummeting new orders and a marked decline in production drove the indicator’s fall.

In contrast, the seasonally-adjusted manufacturing PMI produced by IHS Markit bounced back to 38.3 in May from 35.0 in April, which had marked the lowest print in over nine years of data collection. Despite the increase, the index pointed to a further marked deterioration of business conditions in the manufacturing sector. May’s climb was driven by softer declines in production and new orders, though they were still steep as factories suspended operations amid Covid-19 containment measures. Moreover, due to weak new business inflows and limited production capacity, manufacturers continued to cut their staff numbers in May.

According to the LatinFocus Consensus Forecast panel, industrial output will plunge 7.3% in 2020. Our panel sees industrial output increasing 2.5% in 2021.

Author:, Economist

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Mexico PMI Chart

Mexico PMI May 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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