Mexico’s S&P Global Manufacturing PMI fell to 49.6 in September 2025 from 50.2 in August, slipping back below the 50.0 no change mark and signalling a marginal deterioration in factory activity. The change reflects a further expansion in new orders, the second month of increases, which firms linked to improved demand from clients in the construction segment and to pending projects moving forward, even as some respondents still cited the harmful effects of US tariffs. Purchasing activity increased, marking the first rise in input buying so far in 2025 after months of contractions. Employment declined again, with the pace of job losses picking up and output contracted at a quicker rate than in August. Input costs rose sharply and reached one of the steepest rates on record, while selling prices increased only modestly as producers struggled to pass on higher expenses. Business sentiment improved in September from August but remained historically subdued.