Mexico: Manufacturing and non-manufacturing PMI readings are soft for March
Latest reading: The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) increased from 47.1 in February to 47.4 in March. Despite this improvement, the index remained below the 50.0 no-change threshold, marking its twenty-fourth consecutive month in contractionary territory and indicating that manufacturing-sector operating conditions continue to deteriorate, albeit at a slower pace. The headline print reflected modest improvements across key components: new orders and output readings rose slightly but remained below the expansion threshold, while the employment reading also increased marginally, signaling a less severe contraction in labor conditions.
Meanwhile, the non-manufacturing PMI decreased from 50.0 in February to 49.0 in March, falling back below the expansion threshold after briefly reaching it in the prior month. The deterioration was driven by declines in new orders and output, both of which returned to contractionary territory. The employment component also edged lower and remained below 50, indicating continued contraction in hiring. In contrast, delivery times improved and moved into expansionary territory.