In May 2026, the physical volume of production in the Mexican manufacturing industry registered a drop of 0.6% compared to last April, according to the results of the Monthly Survey of the Manufacturing Industry (EMIM), carried out by the  National Institute of Statistics and Geography (Inegi) .

On an annual basis, the country’s manufacturing activity also registered a negative result with a decline of 0.1% , according to the agency’s figures.

The sector’s bad streak during the fifth month of the year extended to employed personnel , which decreased 0.1% on a monthly basis, while in its annual measurement it fell 2.1 percent.

By type of  contract , non-dependent staff (who are hired and provided by another company and for fees or commissions without a fixed salary or wage) increased by 0.3% and dependent staff of the company decreased by 0.1% monthly.

Meanwhile,  hours worked fell 0.5% in May 2026 compared to April, while the year-on-year rate showed a decrease of 1.6%. Average real wages  (salaries, wages, and social benefits) declined 0.9% month-on-month but increased 1.5% year-on-year.

By subsector, the manufacture of computer, communication, measurement and other electronic equipment, components and accessories was the industry that had the largest increase in physical production volume with 9.3% at an annual rate.

Basic metal industries followed with a growth of 2.3%, and the manufacture of non-metallic mineral products with an annual advance of 2.1 percent.

Conversely, the industries that registered the largest year-on-year decline were the manufacture of accessories, electrical appliances and electric power generation equipment with a decrease of 8.9%, and the manufacture of clothing with a decrease of 6.2%.

The Monthly Survey of the Manufacturing Industry reflects a weakness in the Mexican manufacturing sector during May 2026, derived, among other factors, from external conflicts such as the one in the Middle East, which have increased the cost of some raw materials and essential components for this industry; in addition to internal reasons, such as a Mexican economy still showing signs of slowing down.

According to Inegi, “the EMIM reports on the current situation of the main variables of production and employment in the manufacturing sector.”

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El cargo Mexican manufacturing output falls into negative territory during May apareció primero en T21.

Although cautiously, Mexicans are beginning to regain confidence when purchasing goods and services, according to the Timely Indicator of Private Consumption (IOCP), which anticipated a monthly growth of 0.4% for May 2026 and also estimated an annual increase of 2.8 percent .

Meanwhile, for June , the  National Institute of Statistics and Geography (Inegi) predicted an increase in the IOCP at both the monthly and annual rates of 0.1% and 2.6%, respectively.

The IOCP indicates that the Monthly Indicator of Private Consumption (IMCP) is projected to reach 114.2 points in May and 114.3 in June of this year. These estimates include 95% confidence intervals, based on seasonally adjusted figures.

For both months, this weighting could signify a trend of stability , although without clear signs of expansion.

The IOCP aims to provide timely and accurate estimates of private consumption, which is one of the country’s economic drivers, Inegi emphasized.

The Inegi estimates come in a context where the general annual inflation has been decreasing, standing at 3.94% last May and 3.37% in June of this year , which has generated a decrease in the prices of some products, allowing consumers greater purchasing power.

Private consumption is one of the main components of domestic demand, as it represents about  70% of Gross Domestic Product (GDP) , so its evolution is key to economic growth.

According to the consulting firm Kantar , consumers have changed their habits by purchasing lower-cost or private-label products, and have even reduced spending in response to factors such as inflation and slower economic growth.

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Access to financing, business formalization, and confidence to start businesses remain among the main challenges faced by women entrepreneurs in Mexico , despite the existence of support programs promoted by all three levels of government, according to María Isabel Herrera, president of the Women Entrepreneurs Commission of the National Chamber of Commerce, Services and Tourism (Canaco) Tijuana .

Although there are funds directed to this sector, in practice barriers to accessing them persist, particularly among women aged 50 to 60, Herrera commented.

“The biggest challenge is trusting them. The second is that the funding system for women should not just be talk, but action,” she stated.

She explained, in an interview with T21, that many businesswomen find it difficult to apply for loans , even though the programs are specifically aimed at women.

Another challenge, he added, is to strengthen the formalization of businesses to reduce unfair competition from informal trade, a situation that affects those who comply with their tax obligations.

Despite these challenges, Herrera Covarrubias considered that one of the main advances has been achieving greater participation of women within Canaco Tijuana.

In seven months, the Women Entrepreneurs Commission grew from four to 102 members , incorporating companies from sectors such as freight transport, construction, textile industry, health and specialized services, with the goal of generating business networks, training and support to strengthen their business development.

According to the organization itself, women lead 80% of new businesses in Tijuana . However, in addition to the challenges mentioned, factors such as high operating costs, insecurity, and the region’s economic conditions cause three out of every ten women-run businesses to close or modify their business model.

According to the National Survey of Occupation and Employment (ENOE) of the National Institute of Statistics and Geography (Inegi) , the Economically Active Population (EAP) was 62.1 million people in May 2026 , which represented an annual increase of 460,000 people.

Of the total, the economic participation rate of women was 45.8% , similar to that of May 2025, reflecting that jobs for this sector in Mexico remained virtually unchanged.

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Due to widespread weakness across all sectors, but with a steeper downward trend in construction, Mexico’s industrial production fell 0.8% in May 2026 compared to April , when it registered a monthly increase of 2.1%, reported the  National Institute of Statistics and Geography (Inegi) .

This result represented the third decline so far this year in the Monthly Indicator of Industrial Activity (IMAI), which stood at a level of 101.6 last May.

According to the agency’s figures, all four components of the IMAI performed negatively in the fifth month of the year, with  construction  showing the largest drop at 3.7% compared to April 2026.

Generation, transmission, distribution and marketing of electricity, water supply and natural gas by pipeline to the end consumer decreased by 0.5%; while mining  and manufacturing industries  each declined by 0.1% during May of this year on a monthly basis.

In its annual measurement, Mexican industrial activity also showed no encouraging figures, as it stagnated with no variation in the fifth month of 2026.

Within the indicator, the generation, transmission, distribution and marketing of electricity, water supply and natural gas by pipeline to the final consumer was the one that fell the most (-0.8%) at an annual rate.

Construction and manufacturing industries registered a decline of 0.6% and 0.5%, respectively, in May of this year compared to the same month in 2025.

The only sector that showed a positive figure on an annual basis was mining, with a 4 percent increase in its activity.

The IMAI results reflect the weakness of the Mexican economy, which fell 0.6% in the first quarter of 2026. This is compounded by external factors, such as the conflict in the Middle East and the constant changes in the United States’ economic policy, which have increased the prices of various essential inputs for different industries.

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In June 2026, Mexico’s annual general inflation rate stood at 3.37% , continuing the slowdown recorded since last April, the  National Institute of Statistics and Geography (Inegi) reported on Thursday .

This result, which marks the second consecutive month below 4% in the National Consumer Price Index (INPC), stemmed from the drop in prices of some agricultural products.

According to INEGI, the  core inflation index , which excludes highly volatile goods and services, increased 0.24% month-on-month . Within this index, goods prices rose 0.18% and services prices increased 0.30%.

The  non-core price index (goods and services whose prices are subject to fluctuations) fell 2.04% month-on-month. Within this index, fruit and vegetable prices dropped 8.99%, while energy and government-regulated prices rose 0.08%.

However, although inflation slowed last June, the price of some basic food items increased, affecting Mexicans’ wallets when preparing meals.

During the period,  avocados increased by 24.53%, oranges by 9.55%, potatoes and other tubers  showed an increase of 9.32%, onions by 6.87%, and other cooked foods increased by 1.31% on a monthly basis.

Conversely, the products with the greatest price decreases during the cycle were poblano peppers with 40.43%, tomatoes with 38.98%, serrano peppers with 26.88%, grapes with 18.96%, lemons with a drop of 8.94%, eggs with 7.21%, and automobiles with a monthly decrease in cost of 0.59%.

Grupo Financiero Ve por Más (BX+) reported that year-on-year inflation slowed for the third consecutive month . This largely reflected the decline in agricultural products. The core inflation index showed some moderation but remains at high levels, marking 14 consecutive days above 4 percent.

According to their analysis, the underlying variation was slightly lower than its historical average due to the modest dynamism in non-food goods, where the decline in automobiles stood out.

“The inflation outlook is complex, although it appears to be showing a marginally less pronounced bias. This is because energy commodity prices have partially eased in the last month. On the other hand, risks associated with a context of wage pressures and low productivity persist, while less slack in the economy is expected during the coming quarters,” the financial institution warned.

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Inflation in the transportation, postal and storage sector in Mexico registered an increase in June 2026, which resulted in a rise in the country’s logistics prices , which increased 0.45% on a monthly basis, while in its annual measurement the curve was more upward, advancing 5.03% in the period.

This rebound is in line with the increase shown by the tertiary activities of the economy in the sixth month of the year with an advance of 0.21% monthly and 4.37% compared to June 2025, according to the National Producer Price Index (INPP), prepared by the National Institute of Statistics and Geography (Inegi) .

According to the INPP, the subsectors that make up the transport, mail and storage sector had a differentiated behavior; however, most showed increases that impacted their operations.

Air cargo companies lowered their costs, showing decreases of 0.27% month-over-month and 2.21% year-over-year. This could be explained by the high demand for air freight to supply products such as snacks and goods related to the World Cup.

In June 2026, the  airport usage fee  decreased by 0.28% compared to the previous May, while the year-on-year rate showed an increase of 0.98%. Among the main reasons for this change was the increased passenger traffic due to the World Cup, held in Mexico, the United States, and Canada.

 The air cargo loading and unloading subsector  showed no monthly variation in its cost, although companies in the sector paid 3.07% more at an annual rate.

Rail freight rates remained  unchanged in June 2026 compared to May. Year-on-year, however, rates increased by 1.18 percent. This subsector remained virtually stable due to the sustained growth of industries such as automotive and manufacturing, which maintained demand for rail transport without generating extraordinary pressure on rates.

Maritime freight transport  grew 0.02% month-on-month and increased 1.24% year-on-year, reflecting relatively contained inflation. However, geopolitical risks, such as the conflict in the Middle East, persist and have prevented a reduction or normalization of international logistics costs for this type of transport. Meanwhile, port usage fees  rose 0.21% month-on-month and 4.90% year-on-year.

General freight trucking prices accelerated to 0.22% monthly in June 2026 and 3.71% year-on-year. This mode of transport has been pressured by volatility in diesel, maintenance, and vehicle renewal costs. Added to this is the increase in toll costs for trucks and buses  , which registered a 7.59% annual rise, although it remained unchanged month-on-month.

Customs agencies  and other freight forwarding services increased their service prices by 0.03% monthly; however, they showed a decrease of 0.06% year-on-year.

Parcel and courier services saw a 0.06% increase in June 2026 compared to May, while the annual rate rose by 4.69%. Meanwhile, cargo storage costs increased by 0.04% month-on-month and had an annual increase of 1.78%.

Mexican logistics continues to navigate rising tariffs and the pressure of inflation on the sector, compounded by international factors such as the conflict in the Middle East, which has increased fuel costs.

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The growth recorded by the construction sector in Mexico is driving demand for specialized freight transport for the movement of materials, machinery and equipment, according to information presented by Isuzu Motors Mexico based on figures from the National Institute of Statistics and Geography (Inegi) .

According to the manufacturer, industrial activity grew 2.1% during April 2026 compared to the previous month, its biggest monthly advance since March 2021, driven mainly by construction, which increased 7.6% in the same period.

Given this behavior, the company pointed out that medium and heavy cargo transport is becoming more relevant to meet the logistical needs of the works, where the availability of units contributes to the continuous transfer of supplies and reduces downtime.

As part of its offering for this segment, Isuzu highlighted the Fordward range, made up of models with load capacities ranging from eight to 18.3 tons, aimed at applications such as the transport of construction materials, steel, prefabricated materials, machinery and aggregates.

The company stated that these vehicles incorporate diesel engines that comply with Euro VI regulations, as well as technologies focused on emissions reduction, fuel efficiency, and suspension and braking systems for intensive work operations. They also feature a cab configuration designed to improve operator visibility.

“At Isuzu, we understand that behind every project there is a logistical operation that cannot stop; therefore, our commitment is to offer reliable vehicles and the necessary technical support so that our customers can keep their projects moving forward,” said Miguel Mejía, Deputy Director of After-Sales and Plant for the brand.

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Mexicans are beginning to show signs of recovery in their purchasing power. This is indicated by private consumption in the country’s households, which grew during April 2026 at both monthly and annual rates.

According to the Monthly Indicator of Private Consumption (IMCP), prepared by the National Institute of Statistics and Geography (Inegi) , private consumption advanced 0.1% in the fourth month of the year compared to last March, while  in its annual measurement it increased 2.1 percent .

Mexican consumers favored domestically produced goods and services, driven by the “Made in Mexico” label, which saw a 0.6% month-over-month increase. Conversely, they purchased fewer foreign goods, with purchases falling 1.5% month-over-month.

In its year-on-year comparison, spending on domestic goods and services showed no change, while spending on imported goods increased by 11.7 percent.

Private consumption is one of the main components of domestic demand, as it represents about 70% of Gross Domestic Product (GDP) , so its evolution is key to economic growth.

According to an analysis by México, ¿cómo vamos?, the April data shows a sign of moderation compared to the previous growth. Furthermore, annual growth continues to be concentrated in imported goods, while domestic consumption remains virtually stagnant.

“Looking ahead, it remains to strengthen household incomes through greater formal job creation and by promoting consumption,” the organization stressed.

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In June 2026, sales of new light vehicles in Mexico maintained a positive trend, registering a growth of 7.6% compared to the same month of the previous year, according to figures from the National Institute of Statistics and Geography (Inegi) .

During the sixth month of the year, 126,778 units were sold, a figure 7.6% higher than the 117,780 sold in June 2025, representing a difference of 8,998 vehicles.

From January to June 2026, 754,394 new light vehicles were sold, a 5.3% increase compared to the 716,299 units registered during the same period last year. This represents a nominal increase of 38,095 vehicles sold.

Nissan remained the brand with the largest market share during the first half of the year, accounting for 16.8% of sales. It was followed by General Motors with 12.9%, Volkswagen with 11.0%, Toyota with 8.2%, KIA with 7.3%, and Mazda with 6.9%.

Among the brands with the highest growth in accumulated sales during January-June, Geely stood out , with an increase of 250.5%, going from 6,596 to 23,121 units.

Likewise, MG Motor reported a 19.6% increase in its sales during the first half of the year, while Stellantis advanced 18.2% and Renault 16.3% compared to the same period in 2025.

The June figures confirm the positive performance shown by the domestic light vehicle market during 2026, maintaining growth both in the monthly result and in the accumulated result of the first half of the year.

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Amid a Mexican economy showing signs of slowing down, the confidence of Mexican business owners remained unchanged in June 2026 compared to last May , according to the results of the Global Business Confidence Opinion Indicator (IGOEC), which was  48.2 points .

According to data released this Wednesday by the  National Institute of Statistics and Geography (Inegi) , the IGOEC registered a drop of 0.5 points year-on-year.

“With this latest observation, the indicator has now remained below the 50-point threshold for 16 consecutive months ,” Inegi explained.

In June 2026, the Business Confidence Indicator (BCI)  for  manufacturing industries  stood at  48 points , 0.5 points higher than in May. Within this indicator, the component that decreased the most was the company’s current economic situation, with a monthly drop of 0.6 points.

The  Construction Economic Index (ICE)  was 46.3 units in June. This represents a 1.5-point decrease compared to the previous month. With this figure, the indicator has remained below the 50-point threshold for 22 consecutive months.

Meanwhile, the Commerce ICE (Consumer Confidence Index)  rose 0.6 points  compared to the previous month, reaching  48.9 units . Two of its five components declined compared to May, with the company’s current economic situation showing the largest drop at 0.2 points.

In the reference month, the  ICE for private non-financial services  fell  0.3 points  compared to May 2016, settling at  48.2 units . Four of its components showed negative performance, with only the company’s future economic situation registering an increase, which was 0.3 points.

Within the ICE of private non-financial services, the transport, postal and storage sector stood at 47.3 points in June 2026, which meant 1.1 units less at an annual rate.

According to the results of the Global Business Confidence Opinion Indicator, two of the four sectors it covers showed declines during the sixth month of 2026.

This was due to the caution shown by business owners in the construction and non-financial private services sectors, which reflected pessimism, as the IGOEC remained below the 50-unit threshold.

Manufacturing orders

The Manufacturing Orders Indicator (IPM) showed mixed results during June 2026, resulting from an increase in orders and a decrease in inventories and inputs, reported Inegi and the Bank of Mexico (Banxico) .

In the sixth month of the year,  the MPI stood at  50.2 points , an increase of 0.8 points compared to May. However, its year-to-date measurement showed a decrease of  0.3 points .

Within the index, two components of the MPI registered declines in the month-on-month comparison. In June 2026, orders increased by 2.7 points compared to May. This was followed by production, with a monthly increase of 0.4 points. Timeliness of supplier deliveries remained unchanged month-on-month. Conversely, inventories of inputs and total employment decreased by 1.6 and 0.2 points month-on-month, respectively.

Meanwhile, by groups of activity subsectors , the one that registered the greatest annual decrease was non-metallic minerals and basic metals with 7.9 points; while metal products, machinery, equipment and furniture was the one with the greatest increase with 6.5 units at an annual rate.

According to Banxico, knowing the Manufacturing Orders Indicator, which is built from the results of the Monthly Business Opinion Survey, allows for a preliminary view of economic activity in Mexico, since an increase in the MPI suggests that companies are receiving more orders and producing more.

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