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IHS Markit Mexico Manufacturing PMI Rose in July

July data highlighted tentative signs of a recovery in the health of the Mexican manufacturing industry, with production declining at the slowest rate in the current 17-month sequence of contraction amid a softer fall in sales.

Concurrently, jobs decreased only fractionally and business sentiment strengthened. Input costs continued to rise amid ongoing supply-chain disruptions. The rate of inflation was
the fastest in three years. The seasonally adjusted IHS Markit Mexico Manufacturing PMI™ rose for the second month running in July, from 48.8 in June to 49.6, approaching the 50.0 no-change mark.

The latest figure was the highest in the current 17-month sequence of contraction. Manufacturers signalled a further decline in output, but the rate of contraction was moderate and the slowest since the current period of downturn started in March 2020. Some companies indicated that production fell due to raw material shortages, the COVID-19 pandemic and low sales. However, the reduction was curbed by rising output at firms that noted increases in new projects.

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