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Mexico PMI September 2019

Mexico: Manufacturing PMIs edge up but remain in contractionary territory in September

Operating conditions in the manufacturing sector continued to deteriorate in September, albeit at a slightly softer degree than in August. The seasonally-adjusted manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) rose to 48.1 points in September from 47.3 points in August, which had marked an over two-year low. That said, the index remained below the 50.0-point threshold, signaling a contraction in the manufacturing sector. Notably, production and employment contracted at a milder rate in September, largely driving the indicator’s rise in the month.

Similarly, the manufacturing PMI produced by IHS Markit inched up to 49.1 in September from 49.0 in August, which had marked the lowest reading in the survey’s history. Despite the uptick, the index remained entrenched below the 50-threshold, indicating a contraction in manufacturing activity. September’s fractional improvement was mainly due to a stabilization in new orders, which had declined for three straight months. Production, however, fell at the sharpest pace since the survey began in April 2011, amid challenging economic conditions, weak client confidence and subdued demand.

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