Mexico’s manufacturing activity index falls to 10-month low According to Reuters

© Reuters. FILE PHOTO: An employee works at the LED TV assembly line at the factory exporting to the US in Ciudad Juarez, Mexico, September 21, 2016. Photo taken September 21, 2016. REUTERS / Jose Luis Gonzalez

MEXICO CITY (Reuters) – Mexico’s manufacturing sector shrank at its fastest pace in 10 months in January, as rising coronavirus infections, ongoing supply bottlenecks and high levels of inflation hit to industrial activity, a survey showed Tuesday.

The IHS Markit Mexico Purchasing Managers’ Index fell to 46.1 in January from 49.4 in December, bringing it below 50, stopping growth from contracting.

The weakest reading since March last year was a setback for Mexico after a marked economic slowdown in late 2021 left the country battling a recession.

The index has remained below 50 per month since March 2020 and reached as low as 35.0 in April 2020 during the first phase of the coronavirus pandemic lockdown.

“The new wave of COVID-19 pollution exacerbates the already daunting challenges facing Mexican manufacturers at IHS Markit,” said Pollyanna De Lima, Chief Economic Officer.

Sales and contract manufacturing, and labor shortages increased due to increased employee absenteeism due to increasing levels of worker infection, the survey said. close said.

Input costs rose at the second fastest rate in nearly five years, it added.

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