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Canada PMI June 2024

Canada: Manufacturing PMI is unchanged in June, points to contraction

The S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI) remained unchanged at 49.3 in June. As a result, the index remained below the 50.0 no-change threshold, but signaled a softer deterioration in manufacturing-sector operating conditions compared to the previous month.

June saw decreases in both output and new orders. This led to a reduction in purchasing activity, the fastest of the year so far, and the first drop in employment since January. Additionally, firms reported the fastest increase in post-production inventory levels since April 2014.

Price pressures in June were broadly contained, with input prices rising to the weakest degree since January. Finally, business confidence slipped to the weakest so far this year due to concerns over high costs.

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