Report published September 2, 2026
Mexico Economic Activity: Mixed Manufacturing, Soft Services & Business Sentiment
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 2, 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 August economic indicators presented a mixed picture, with average Manufacturing PMIs rising to 50.6 while the IMEF Non-Manufacturing PMI fell further into contraction at 48.7. Aggregate business confidence remained flat at 48.2, staying below the neutral 50 threshold for a seventeenth straight month.
Key Takeaways
- 1.The average of Mexico's three Manufacturing PMIs rose slightly by 0.2pt to 50.6 in August, with two of the three surveys in expansionary territory.
- 2.The IMEF Non-Manufacturing PMI fell 0.9pt to 48.7, driven by faster declines in production, new orders, and employment.
- 3.Aggregate business confidence (IGOEC) was unchanged at 48.2, staying below the 50-neutral threshold for the 17th consecutive month.
Table of Contents
- Mexico: Mixed Manufacturing and Soft Services PMI; Mixed Business Sentiment Signals (Ramos)
- DETAILS
- PMIs (50+ = Optimism)
- Mexico: Markit Manufacturing PMI
- Mexico: Global Indicator of Business Confidence (IGOEC) and Components
- Disclosure Appendix
Report data
Mexico: Global Indicator of Business Confidence (IGOEC) and Components
| Metric | Estimate | Context |
|---|---|---|
| Average Manufacturing PMI | 50.6 index points | Average of Markit, Inegi, and IMEF manufacturing indices |
| IMEF Non-Manufacturing PMI | 48.7 index points | Headline non-manufacturing PMI deeper in contractionary territory |
| Aggregate Business Confidence Index (IGOEC) | 48.2 index points | Seventeenth consecutive month below the 50-neutral threshold |
| Markit Manufacturing PMI | 49.8 index points | Fell into below-neutral territory from 51.3 in July |
| Inegi Manufacturing PMI | 52.2 index points | Inegi manufacturing PMI in expansionary territory |
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Authors / Editors
Reported Data Context
- Average Manufacturing PMI: 50.6 index points (2026-08) · Source: Goldman Sachs Global Investment Research, IHS Markit, INEGI, IMEF
- IMEF Non-Manufacturing PMI: 48.7 index points (2026-08) · Source: IMEF
- Aggregate Business Confidence Index (IGOEC): 48.2 index points (2026-08) · Source: INEGI
- Markit Manufacturing PMI: 49.8 index points (2026-08) · Source: IHS Markit, Haver Analytics
- Inegi Manufacturing PMI: 52.2 index points (2026-08) · Source: INEGI
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