The Manufacturing Orders Indicator (equivalent to the Purchasing Managers' Index, PMI) of Mexico rebounded 1.8 percent in August, year-over-year. The increase was driven by a low comparison base because in the same month last year it decreased 5.9 percent, according to SteelOrbis' analysis of seasonally adjusted data from the national statistics agency Inegi.
In August, the indicator was 52.5 points. Considering only the months of August, 2023 is the second lowest level in the last 20 years. The all-time low for an eighth month of the year was 2022.
Of the five components that make up the PMI, three grew. The inventory of inputs registered the highest increase with 5.3 percent, the expected volume of production increased 4.7 percent and the expected volume of orders rebounded 1.0 percent.
In contrast, the expected delivery of inputs by suppliers decreased 0.8 percent in August, year-over-year, and the expected level of employed personnel decreased 0.5 percent.