Mexico PMI March 2019

Mexico

Mexico: Manufacturing sector weakens in March

April 2, 2019

The manufacturing sector appears to have lost steam at the end of Q1. The seasonally-adjusted manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) dropped from February’s 54.0 points to 50.2 point. Accordingly, the indicator landed only slightly above the 50-point threshold, that signals an expansion of the manufacturing sector.

Similarly, the manufacturing PMI produced by IHS Markit fell in March. The manufacturing PMI dropped from an over one-year high of 52.6 in February to 49.8 in March. As a result, the indicator now points to a slight contraction in business conditions in the sector. According to IHS Markit, the fall was driven by a drop in output and stagnating incoming orders. However, overall the manufacturing PMI still averaged higher in Q1 2019 than the final quarter of last year.

According to the FocusEconomics Consensus Forecast panel, industrial production will increase 1.1% in 2019. The panel of analysts surveyed this month sees industrial production expanding 1.5% in 2020.


Author: Angela Bouzanis, Senior Economist

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Mexico PMI March 2019

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 points indicate an expansion in the manufacturing sector while readings below 50 points indicate to a contraction.
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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