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Canada PMI April 2022

Canada: Manufacturing PMI moderates in April

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 56.2 in April from March’s 58.9. As such, the index remained above the neutral 50-threshold, but signaled a weaker improvement in manufacturing operating conditions from the previous month.

April’s downtick was driven by softer output growth. That said, conditions remained healthy overall thanks to sustained rises in new work, aided by looser Covid-19 restrictions. Moreover, exports rose for the second straight month. Meanwhile, shortages of skilled labor, trucks and raw materials caused backlogs to rise sharply, feeding through to brisk input price inflation. Finally, business sentiment moderated slightly in April due to a deteriorating external backdrop and cost pressures.

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