S&P Global Mexico Manufacturing PMI® – Growth of Output and New Orders Reinstated for February 2024

The PMI® results for Mexico’s manufacturing industry showed an improvement in operating conditions during February, as the reinstatement of sales growth underpinned a renewed expansion in output. Labour and input shortages drove a solid increase in backlogs, with firms hiring extra staff as a result. Strengthening optimism towards the outlook also induced job creation.

Supply chains remained under pressure amid highway insecurity, problems with maritime transportation and water shortages. Subsequently, there was another sharp increase in input costs.

Up from 50.2 in January to 52.3 in February, the headline S&P Global Mexico Manufacturing Purchasing Managers’ Index™ (PMI) signaled the strongest improvement in the health of the sector for three months. The headline figure posted above its long-run average (50.9) and was in expansion territory for the fifth successive month