Mexico: Manufacturing PMIs slide on coronavirus outbreak
The seasonally-adjusted manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) slid to 45.0 in March from 48.0 in February, its lowest reading since April 2017 and signaling a sharper contraction of the manufacturing sector. Notably, plummeting production and new orders, coupled with a marked decline in employment, drove the indicator’s fall.
Similarly, the seasonally-adjusted manufacturing PMI produced by IHS Markit dropped from 50.3 in February to 46.9 in March, indicating a marked deterioration of business conditions in the manufacturing sector. March’s dip primarily reflected tumbling production and new orders amid dire demand conditions due to the coronavirus outbreak, and firms turning pessimistic for the first time on record.