Overview
- The 1.4% monthly contraction in September was reported by Inegi and is the largest single‑month fall in the IMAI since October 2024, according to multiple November news releases.
- The decline was driven by construction falling 2.0% and manufacturing down 1.7% versus August, while mining rose 0.4% and utilities increased 1.4% for modest offsetting gains.
- Manufacturing weakness was broad with 16 of 21 manufacturing branches contracting in September and the biggest monthly drops in petroleum products, transport equipment and basic metals.
- The IMAI finished the third quarter with just 0.1% growth quarter‑to‑quarter and the industry sector is up 1.1% year‑to‑date through September compared with the same period in 2025.
- Economists from Banco Base and Grupo Financiero Monex warned the data show a fragile, uneven rebound and said the key watch for Q4 will be whether construction and several manufacturing sub‑sectors regain momentum, a trend that will affect jobs and export supply chains.