Mexico: Manufacturing and non-manufacturing readings remain weak in December
Latest reading: The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) rose from 45.8 in November to 46.2 in December. As such, 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 ongoing contractions in employment, output and new orders.
Meanwhile, the non-manufacturing PMI dipped from 50.3 in November to 49.5 in December, thus moving back into contractionary territory. Employment, output and new orders all fell in December.
Panelist insight: The IMEF, the organization that collates the PMI survey, said:
“The November data suggest a loss of momentum heading into the end of the year, especially in the industrial sector. While the services sector maintains a moderate level of expansion, the persistent weakness in manufacturing and the slowdown in some key components of the non-manufacturing index limit the possibility of a sustained recovery in the short term.”