Mexico: Manufacturing and non-manufacturing PMIs improve in August
Latest reading: The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) rose to 45.6 in August from July’s 45.3. As a result, the index remained below the 50.0 no-change threshold, signaling a continued deterioration in manufacturing sector operating conditions from the previous month. The uptick was due to softer contractions in output and new orders.
Meanwhile, the non-Manufacturing PMI stood at 49.9 in August, up from July’s 49.3.
Taken together, the PMI readings point to a weak economy midway through Q3, which chimes with our panelists’ downbeat GDP projections for the quarter as a whole.