FX.co ★ Mexico Manufacturing Activity Improves

The S&P Global Mexico Manufacturing PMI edged up to 50.3 in September 2026 from 49.8 in August, indicating a marginal improvement in overall sector conditions. Output continued to contract, extending the current downturn to 27 consecutive months, though the pace of decline eased compared with the previous month. New business volumes increased again, with firms reporting resilient demand for certain product categories. In contrast, export sales remained a drag on performance, falling for the third month in a row amid softer demand from Europe and the United States. Employment declined once more. Outstanding business increased for the first time in eight months, with backlogs rising at their fastest rate since the start of the year. Stocks of finished goods fell, reflecting a second consecutive monthly drop in purchasing activity. Business sentiment strengthened to its highest level since November 2025, supported by expectations of higher sales, investment, and export orders, though confidence remained below its long-run average.