Mexico PMI November 2020


Mexico: Manufacturing PMIs diverge but still languish

December 1, 2020

The seasonally-adjusted manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) slipped to 48.5 in November from 49.6 in October. Thus, it remained below the critical 50-point threshold, where it has been for the past year-and-a-half, indicating a contraction of the manufacturing sector. November’s dip was primarily driven by a pullback in new orders and production, after both had expanded in the prior month. Employment, meanwhile, declined at an even sharper pace.

In contrast, the seasonally-adjusted manufacturing PMI produced by IHS Markit ticked up to an eight-month high of 43.7 in November (October: 43.6). That said, it remained well below the 50-threshold, pointing to another sharp deterioration of business conditions in the manufacturing industry. Both new orders and output fell at a steeper clip and for the ninth month running in November amid weak demand. Businesses remained pessimistic towards future output and cut back on their staff levels again.

According to the LatinFocus Consensus Forecast panel, industrial output will increase 4.2% in 2021, which is unchanged from last month’s forecast. In 2022, our panel sees industrial output growing 2.5%.

Author:, Economist

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Mexico PMI Chart

Mexico PMI November 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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