Mexico's Manufacturing Orders Indicator (equivalent to the Purchasing Managers' Index, PMI) increased 3.4 percent in February, year-over-year, the first annual increase after four consecutive declines, according to SteelOrbis analysis of data from the national statistics agency Inegi.
Of the five components that make up the PMI, three registered an increase and two maintained the negative trend.
The most dynamic increase was the expected production volume with an annual increase of 9.9 percent; It was the second consecutive increase. The expected volume of orders increased 4.3 percent, it was the first increase after four consecutive declines, and the delivery of inputs by suppliers increased 1.6 percent, it was the second consecutive increase.
In contrast, the inventory level decreased 5.5 percent, which is the third consecutive annual decline. The occupancy level decreased 0.6 percent, which is the eighth consecutive annual decrease.
The manufacturing industry in Mexico is the largest generator of formal employment, with 6.0 million workers, a figure that represents 27.2 percent of the total. The industry contributes 20.9 percent of Mexico's GDP ($1.80 trillion).