Mexico: Manufacturing PMIs fall deeper into contractionary territory in November
The seasonally-adjusted manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) dipped from 46.4 points in October to 46.0 points in November, marking the lowest print since April 2017. Thus, the index fell further below the 50.0-point threshold, signaling a sharper contraction in the manufacturing sector compared to October. Notably, production contracted at a sharper rate in November, largely driving the indicator’s downturn. Employment and new orders also fell, albeit to a lesser degree than in the previous month.
Similarly, the manufacturing PMI produced by IHS Markit declined from 50.4 in October to 48.0 in November, the worst result since the survey began in April 2011. Thus, the index fell back to negative territory after landing briefly above the 50-threshold in October, indicating a contraction in manufacturing activity. November’s dip largely reflected fall in both output and employment, which were the sharpest on record. Business confidence also tumbled to its lowest level in the survey’s history, due to worries over market conditions ahead and the state of the economy.