Mexico: Manufacturing and non-manufacturing PMI readings decline in May
Latest reading: The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) declined from 49.0 in April to 48.5 in May. The index remained below the 50.0 no-change threshold for a twenty-sixth consecutive month, indicating that manufacturing-sector operating conditions continued to deteriorate. The headline print reflected a loss of momentum after the improvement observed in previous months. New orders and output both fell, returning to contractionary territory and signaling renewed weakness in demand and operating activity. The employment component also declined, pointing to deeper weakness in manufacturing labor conditions. In contrast, delivery times moved into expansionary territory, while inventories reached the no-change threshold.
Meanwhile, the non-manufacturing PMI edged down from 48.8 in April to 48.7 in May, remaining below the expansion threshold and pointing to continued weakness in services and commerce. The headline deterioration was marginal, but the underlying components were mixed. New orders and output fell faster. In contrast, the employment component rose, signaling a less severe deterioration in labor conditions. Delivery times also improved and returned to expansionary territory.