By CAPosts 02 December, 2020 - 05:00am 34 views
In November 2020, the Manufacturing and Non-Manufacturing indicators of the Mexican Institute of Finance Executives (IMEF) indicated that the trend of economic activity continues to rise, but the revival is hesitant and, on the margin, it seems to be
And it is that the Manufacturing Indicator decreased 1.1 points in November to settle at 48.5 units. Thus, this indicator remained in the contraction zone for eighteen consecutive months. While the IMEF Non-Manufacturing Indicator, for trade and services, registered an increase of 1.5 points in November to close at 49.5 units and place itself in a contraction zone for the tenth consecutive month.
In the manufacturing sector, which after a strong rebound in the previous months, showed a downward correction in November, although the trend continues to be upward. For its part, during November the non-manufacturing sector showed an improvement and its trend is also upward, "the institute said in a statement.
According to the report, four of the components of the Manufacturing Indicator registered falls. The New Orders sub-index fell 3.1 points to close at 47.1 units; the Production sub-index fell 1.8 points to 49.3; the Employment index fell 1.2 points to close at 48.5, and the Inventories sub-index fell 1.9 points to 44.0. For its part, the Product Delivery sub-index increased 1.3 units to 51.5 units. This was the only sub-index that remained in the expansion zone.
The four sub-indices of the IMEF Non-Manufacturing Indicator registered increases. The New Orders sub-index increased 1.7 points to close at 48.6 units, the Production sub-index increased 2.2 units to close at 49.4. The Employment sub-index rose 1.4 units to 47.0. Finally, the Product Delivery sub-index increased 0.1 units to close at 52.3. The November results contrast with those of October, the month in which all the sub-indices decreased.
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For the IMEF, the evolution of economic activity is consistent with a gradual revival of the productive dynamics, although this continues to be fragile, asymmetric and with a tendency to be slower in the immediate future.
The persistent weakness of gross fixed investment, industrial production and private consumption, coupled with the uncertainty about the improvement of the pandemic, continue to suggest that the Mexican economy will contract by -9% in 2020, being the worst recession observed since 1932 ", he alerted.
The institute warned that, given a worsening pandemic, new containment measures that would affect economic activity cannot be ruled out.
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