CORRECTED – Mexico factory index climbs in October

(Corrects to indicate index climbed, not fell, in October)

MEXICO CITY, Nov 3 (BestGrowthStock) – A Mexican manufacturing
sector index climbed in October, reversing two months of
declines, as factory owners’ economic outlook brightened.

The factory index, compiled by the Mexican Institute of
Financial executives, or IMEF, continues to point to future
expansion in manufacturing, and climbed to 53.4 in October from
the 52.5 reading in September, IMEF said on Wednesday.

Mexico, Latin America’s No. 2 economy behind Brazil, is
limping back from one of the deepest economic declines seen
anywhere in the world last year.

Mexico sends around 80 percent of its exports to the United
States, where the economy is struggling to post solid growth
following the collapse of housing prices, the credit crisis and
a deep recession.

A reading above 50 indicates growth in coming months in the
export-oriented manufacturing sector, which accounts for about
a fifth of Mexico’s economy.
(Reporting by Patrick Rucker; Editing by Kenneth Barry)

CORRECTED – Mexico factory index climbs in October