Brazil & Mexico Manufacturing PMIs (Aug.)

The fall in Brazil’s manufacturing PMI in August is disappointing, particularly coming on the back of consecutive increases in the previous two months. However, the decline was relatively modest and we don’t see this as a sign that the nascent manufacturing recovery is faltering. Elsewhere, while Mexico’s PMI rose in August, this contradicted other more reliable survey measures – such as the US ISM manufacturing index – which fell sharply.