The Manufacturing Orders Indicator (IPM) in Mexico registered mixed signals in October 2026, with a monthly increase and an annual decrease, according to the National Institute of Statistics and Geography (Inegi) and the Bank of Mexico (Banxico) .

With seasonally adjusted figures, the IPM stood at 50.5 points during the tenth month of the year , which meant a monthly increase of 1.2 points and a decrease of 1.3 units at an annual rate.

Within the report, monthly improvements were seen in the components related to expected orders (4.6 points), production ( 0.7 points), staffing , and timely delivery of supplies by vendors , each with 0.3 points. The component related to supplies inventories decreased by 2.2 points.

In its annual measurement, orders fell 0.2 units, production 2.7 points, inventories of inputs and employed personnel fell 5.3 and 0.3 units, respectively; while opportunity in the delivery of inputs from suppliers increased 0.3 points.

By subsector, the one that showed the greatest annual increase was computer equipment, electronic accessories, and electrical appliances, with a 7.4 percentage point year-on-year rise. Conversely, petroleum and coal derivatives, the chemical industry, and the plastics and rubber industry decreased by 7.8 percentage points annually, while transportation equipment declined by 2.2 percentage points.

Business confidence, not yet recovering ground

The Global Business Confidence Opinion Indicator (IGOEC) stood at 48.2 points in October 2026, a monthly decrease of 0.2 points and a year-on-year decrease of 0.3 points. This marks the 20th consecutive month that the indicator has remained below 50 points .

By sector, the Business Confidence Indicator (BCI) for manufacturing reached 48.4 points, a monthly increase of 0.3 points and a year-on-year decrease of 0.5 points. One of its weakest components was the ” opportune time to invest ,” which stood at 34.1 points, marking 159 consecutive months below 50 points. In contrast, the current economic situation of companies reached 51.4 points, and their future outlook stood at 55.9 points.

The Construction Economic Index (ICE ) reached 48.1 points, a monthly increase of 0.4 points, but has remained below 50 points for 26 consecutive months. The country’s future economic outlook fell 1.1 points month-on-month, although it rose 0.3 points year-on-year.

During October, the Business Confidence Index (BCI) for commerce decreased by 0.3 points compared to the previous month, settling at 48.5 points. This marks the 20th consecutive month that the indicator has remained below the 50-point threshold. The component that showed the greatest decline compared to September 2026 was the company’s projected future economic outlook, falling by 1.7 points. It also declined by 1 point year-on-year.

The Business Confidence Index (BCI) for private non-financial services fell 0.4 points compared to the previous month, settling at 48 points. This marks the 13th consecutive month that the index has remained below the 50-point threshold. The “opportune time to invest” index declined by 5.1 points month-on-month and 4.8 points year-on-year.

Within the ICE of private non-financial services, the transport, postal and storage sector stood at 49.6 points  in October 2026, which meant 0.6 units less at an annual rate.

October’s results paint a contrasting picture for Mexican productive activity: while orders and expected production show a monthly recovery, business confidence continues to fail to consolidate a positive trend.

The persistent weakness of the investment component, coupled with the unfavorable perception of the country’s economy, suggests that companies are remaining cautious before committing new resources.

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