Mexico Manufacturing Reaches One-Year High
The seasonally adjusted IHS Markit Mexico Manufacturing Purchasing Managers' Index (PMI) in March was 45.6, up 1.4 points from February and the highest level since the same month in 2020. While this was an improvement over February, it still signaled steep declines in business conditions. New orders fell for the 13th straight month in March with companies further reducing employment and purchasing due to continued COVID-19 restrictions. Manufacturers also reported the highest jump in costs since November 2018.
The PMI index is composed of five sub-indices tracking changes in new orders, output, employment, suppliers' delivery times and stocks of raw materials. A reading above 50 indicates growth. See IHS Markit