Mexico's manufacturing sector expanded at a marked pace in May, data from a survey by Markit Economics and HSBC Bank showed Friday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector came in at 55.2 in May. A PMI reading above 50 indicates expansion in the sector, while one below suggests decline. The latest reading was, however, lower than 56.3 recorded in April.
New orders received by Mexican manufacturers increased at the fastest rate since April 2011, driven mainly by greater demand and new client wins.
Reflecting the order growth, manufacturing output increased markedly during the month, though the rate of growth eased to a three-month low.
Employment in the manufacturing sector increased notably in May. Input prices increased further during the month, and firms passed parts of their greater cost burdens on to clients by raising output prices.
by RTT Staff Writer
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