México Actividad económica May 2023

México: Manufacturing and non-manufacturing PMIs deteriorate in May

The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) fell to 49.8 in May from April’s 49.9. As such, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in manufacturing sector operating conditions compared to the previous month. The headline print reflected worse readings for new orders and output, which were partially offset by a stronger employment reading.

Meanwhile, the non-Manufacturing PMI clocked in at 51.1 in May, down from April’s 52.0, on slower growth in output and new orders. Taken together, PMI readings for April and May suggest the economy is expanding at a softer rate in Q2 relative to Q1, in line with our panelists’ forecasts.