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Date and page printing time: November 21th 2009 05:01 GMT
Trade's Tools | The FOREX market news
DJMN: Mexico's IMEF Manufacturing Index Rises To 52.9 In October
MEXICO CITY (Dow Jones)--The Mexican Institute of Finance Executives, or IMEF, said Tuesday its manufacturing index rose in October for a fifth straight month, showing a recovery is under way in the industrial sector.
The IMEF manufacturing index was 52.9 in October, up from 51.7 in September and 49.5 in October 2008.
It was a fourth consecutive reading above 50 for the index. As with the U.S. Institute for Supply Management indexes, readings of 50 and above point to expansion while readings below 50 point to contraction.
IMEF's non-manufacturing index, which measures activity in services, also continued on an upward path, rising to 52.2 in October from 51.7 in September and 46.1 a year ago.
Mexico's industrial sector led the recent downturn in the economy, in which gross domestic product contracted four quarters in a row between July 2008 and June 2009.
In a report last week, the Finance Ministry estimated that GDP rose 2.7% in the third quarter from the second quarter in seasonally adjusted terms, while remaining below year-ago levels.
Miguel Messmacher, director of economic planning at the Finance Ministry, said at a press conference Tuesday that the estimated 6.4% year-on-year GDP contraction in the third quarter is consistent with the ministry's expected 6.8% drop for the full year.
After GDP shrank 9.2% during the first half of the year, Messmacher said indicators for production and aggregate supply and demand showed improvement in the third quarter.
For output to end the year down 6.8% from 2008 "means a relatively significant recovery during the second half of the year," he added.
-By Anthony Harrup, Dow Jones Newswires; (5255) 5980 5176, anthony.harrup@dowjones.com
(Paul Kiernan contributed to this article)
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=zzvIlbd1ABWdI3%2FD8hQw4w%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
November 03, 2009 15:46 ET (20:46 GMT)
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