The January seasonally adjusted S&P Global Mexico Manufacturing Purchasing Managers’ Index (PMI) increased 0.2 points from December 2025 to 46.3, marking the fifth straight month below 50. Manufacturers reported lower output and the steepest decline in new orders since last June.
The PMI index comprises five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times, and stocks of raw materials. A reading above 50 indicates growth, while below represents a contraction. See S&P Global