Mexico’s National Institute of Statistics and Geography (INEGI) reported that its Global Business Confidence Opinion Indicator (IGOEC) reached 48.4 points in September 2026 on a seasonally adjusted basis. The index rose 0.1 point from August and fell 1.0 point from September 2025. The bulletin, released October 1, said the indicator had completed a 19th consecutive month below the 50-point reference level.

The questionnaire also asks managers about their firms’ current conditions and outlook.

The IGOEC is a weighted average of confidence indicators for manufacturing, construction, trade and private non-financial services. INEGI’s Monthly Survey of Business Opinion gathers managers’ assessments of current and expected conditions for the national economy and their own companies. A reading of 48.4 points is therefore a survey-based index level, not a percentage change in production or a measure of realised sales volume.

Sector readings did not move uniformly with the overall index. Manufacturing confidence was unchanged at 48.0 points in the seasonally adjusted series, marking an 18th month below 50. On original-series data, construction rose 0.4 point to 47.8 and trade gained 0.7 point to 48.9. Confidence in private non-financial services fell 0.2 point to 48.4. INEGI’s bulletin notes that the sector series do not all use the same seasonal-adjustment treatment.

Managers’ assessment of whether it was a suitable time to invest also remained below 50 points in all four sectors. The manufacturing component held at 34.3 points and was 3.1 points lower year on year. Construction stood at 25.5, down 1.1 points monthly but up 3.0 annually. Trade registered 32.1, up 0.9 point for the month and 1.9 for the year. Private non-financial services recorded 33.1, down 1.1 points monthly and 3.9 annually. These are survey responses about investment timing.

INEGI’s methodology describes readings above 50 as reflecting optimism and readings below it as less favourable perceptions of the subject measured. Point differences are not percentage changes. The manufacturing series is seasonally adjusted, while construction, trade and services are reported on original-series bases in this release. Those distinctions help put the modest overall monthly increase beside the different sector movements. INEGI’s calendar listed November 3, 2026 for the next business-confidence release.