Mexico: Manufacturing and non-manufacturing sectors remain subdued in September
Latest reading: The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) rose to 46.5 in September from 45.6 in August. However, the index remained below the 50.0 no-change threshold, signaling a continued deterioration in manufacturing-sector operating conditions from the previous month. The headline print reflected an expansion in inventories, the only component to rise above the 50.0 no-change threshold.
Meanwhile, the non-manufacturing PMI fell to 48.8 in September, down from 49.7 in August.
Taken together, the PMI readings for Q3 as a whole suggest a weak economic outturn, which is in line with our panelists’ projections for GDP to contract sequentially in the quarter.