Mexico: IMEF’s PMI surveys – Mixed results, with both indicators in expansion

  • The manufacturing PMI rose to 50.1pts (+0.6pts), mainly driven by ‘new orders’ (+2.6pts), and ‘production’ (+1.8pts)

  • Non-manufacturing decelerated for a second month in a row, to 50.1pts (+0.6pts), noting a fall in ‘new orders’ (-1.5pts)

  • These results are consistent with our vision of GDP growth in 3Q22. Going forward, risks are gaining momentum

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