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IMEF Manufacturing Indicator accumulates 18 months in contraction

The IMEF Manufacturing Indicator decreased 1.1 points in November to settle at 48.5 units.

Thus, the IMEF Manufacturing Indicator remained in a contraction zone (<50) for 18 consecutive months, as the seasonally adjusted data for October was revised down to 49.6 points.

Its trend-cycle series increased 0.9 points to close at 49.3 units and continue in the contraction zone for 18 consecutive months.

For its part, the IMEF Manufacturing Indicator adjusted by company size remained at 53.9 units, placing it in the expansion zone for the fifth consecutive month.

The IMEF Indicator ranges from 0 to 100 points and the level of 50 points represents the threshold between an expansion (greater than 50) and a contraction (less than 50) of economic activity.

IMEF Manufacturing Indicator

In principle, when the index is above the threshold, an increase is interpreted as a sign of a more rapid future expansion; when the index is below the threshold, an increase is interpreted as a sign of a slower future contraction.

However, the indicator does not provide specific information on the magnitude of the expected changes.

During November, four of the components of the IMEF Manufacturing Indicator registered falls.

The New Orders sub-index fell 3.1 points to close at 47.1 units; the Production sub-index fell 1.8 points to 49.3; the Employment index fell 1.2 points to close at 48.5 and the Inventories sub-index fell 1.9 points to 44.0. For its part, the Product Delivery sub-index increased 1.3 units to 51.5 units. This was the only sub-index that remained in the expansion zone.

Indicador IMEF Manufacturero y sus componentes

On the other hand, the IMEF Non-Manufacturing Indicator the IMEF Non-Manufacturing Indicator registered an increase of 1.5 points in November, to close at 49.5 units and place itself in a contraction zone for the tenth consecutive month.

Indicador IMEF No Manufacturero y sus componentes

 

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