Mexico: Soft Consumer Sentiment; Mixed Manufacturing and Firmer Services PMI; Mixed Business Sentiment Signals (Ramos)

The Inegi consumer confidence index fell a marginal 0.1pt to 45.0 sa in October (down 0.6pt yoy), following a 1.2pt decline in September. The deterioration was driven by the components assessing current and future conditions of the economy, while the component on the future situation of the household improved. The signal from the three manufacturing PMIs was mixed and on average marginally positive, up 0.1pt to 49.9, with only one of the three in expansionary territory; the Markit PMI fell 0.8pt to 49.5 as output and employment contracted faster, with input costs at 69.4 still far outpacing output prices at 51.1, pointing to margin compression. The IMEF non-manufacturing PMI rose 0.9pt to 50.6 as new orders and production accelerated and employment declined more slowly. The aggregate business confidence index (IGOEC) declined 0.2pt to 48.2, the nineteenth consecutive month below the 50-neutral threshold, firming in construction and manufacturing but softening in commerce and private no