Report published September 1, 2026
Mexico Macro Update: Flat Business Sentiment and Firming INEGI Manufacturing PMI
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: Alberto Ramos
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Mexico's aggregate business confidence index (IGOEC) was unchanged at 48.2 in August, marking its seventeenth consecutive month below the 50-neutral threshold. Meanwhile, the INEGI Manufacturing PMI rose 2.1 points to 52.2, boosted by gains in new orders and production.
Key Takeaways
- 1.Mexico's aggregate business confidence index (IGOEC) remained flat at 48.2 in August, remaining below the 50-neutral threshold for the seventeenth consecutive month.
- 2.The INEGI Manufacturing PMI rose by 2.1 points to 52.2 in August, driven by strength in new orders and production.
- 3.Sector confidence indicators were mixed: construction, private non-financial services, and manufacturing improved, whereas retail confidence declined.
Table of Contents
- Bottom Line
- DETAILS
- Disclosure Appendix
Report data
Mexico: Global Indicator of Business Confidence (IGOEC)
| Metric | Estimate | Context |
|---|---|---|
| Aggregate Business Confidence Index (IGOEC) | 48.2 index_points | Composite weighted average of manufacturing, construction, commerce, and non-financial services confidence indices. |
| INEGI Manufacturing PMI | 52.2 index_points | Overall manufacturing PMI expansion driven by production and new orders. |
| Manufacturing PMI New Orders Component | 54.3 index_points | Component of the INEGI Manufacturing PMI. |
| Manufacturing PMI Production Component | 53.9 index_points | Component of the INEGI Manufacturing PMI. |
| Manufacturing PMI Employment Component | 49.7 index_points | Employment component declined at a slower pace. |
Document Preview
Access the Full Report
Get unlimited access to institutional research reports. Create an account to get started.
Authors / Editors
Reported Data Context
- Aggregate Business Confidence Index (IGOEC): 48.2 index_points (2026-08) · Source: INEGI
- INEGI Manufacturing PMI: 52.2 index_points (2026-08) · Source: INEGI
- Manufacturing PMI New Orders Component: 54.3 index_points (2026-08) · Source: INEGI
- Manufacturing PMI Production Component: 53.9 index_points (2026-08) · Source: INEGI
- Manufacturing PMI Employment Component: 49.7 index_points (2026-08) · Source: INEGI
Themes
Regions
Related Reports
Pulp & Paper: Some Hardwood Momentum Building Into 4Q
September 8, 2026
GDP Declines in Downside Surprise in Q2, Dragged by Net Exports
September 8, 2026
Asia Leaders Conference 2026 Takeaways: Beisen CFO Visits
September 8, 2026
Chile: Higher-Than-Expected Inflation Driven by Non-Core Pressures
September 8, 2026
SECO: First Take 2Q26
September 8, 2026