Mexico: PMI data points to solid end to Q2
July 1, 2021
The seasonally-adjusted Manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) was stable at 52.4 in June, remaining above the 50-threshold and thus indicating an expansion in activity. Slower growth in new orders and production was contrasted by a rebound in inventories. The IHS Markit Manufacturing Purchasing Managers’ Index (PMI) came in at 48.8 in June, up from May's 47.6. June's result marked the strongest reading since February 2020.
Meanwhile, IMEF’s non-manufacturing PMI dipped from 54.3 in May to 53.8 in June on slower new orders, production and employment growth.
PMI data for Q2 as a whole suggests a recovery in activity relative to Q1, thanks to the vaccine rollout and a booming U.S. economy.
Author: Oliver Reynolds, Economist