Mexico: Manufacturing and non-manufacturing readings improve in October
Latest reading: The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) rose to 47.2 in October from 46.0 in September. 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 softer contractions in production and new orders.
Meanwhile, the non-manufacturing PMI rose to 50.4 in October from 49.1 in September, thus moving into expansionary territory. This was due to rebounds in output and new orders.
Taken together, the PMI readings suggest a stronger start to Q4 for the economy after Q3’s GDP contraction, though economic activity is far from being dynamic.