Mexico: Manufacturing PMI deteriorates in June
The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) fell to 49.2 in June from May’s 50.8. June’s result marked the weakest reading since January. As a result, the index dropped below the 50.0 no-change mark, signaling a deterioration in business conditions from the previous month. The downturn came on contractions in new orders and output, potentially linked to slowing demand in key trading partners such as the U.S.
Meanwhile, the non-Manufacturing PMI stood at 51.8 in June, down from May’s 52.2, amid slower expansions in new orders and output. Over Q2 as a whole, the PMI data is indicative of a moderate expansion in GDP, driven mainly by the services sector.