The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) came in at 50.1 in October, down from September’s 50.3. As such, the index remained above the 50.0 no-change threshold, pointing to a softer improvement in manufacturing sector operating conditions from the previous month. The softer reading was largely driven by a sharper contraction in new orders, while output and employment rose at faster rates.
Meanwhile, the non-Manufacturing PMI came in at 51.8 in October, up from September’s 51.1 and driven by faster growth in output and new orders.
Taken together, the PMI data suggests continued economic expansion at the outset of Q4, albeit with the services sector outperforming manufacturing.
The LatinFocus panel projects the economy to grow 1.9% in 2022, which is unchanged from last month’s forecast. For 2023, the panel sees GDP growth at 1.3%.
