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Canada PMI February 2024

Canada: Canada manufacturing PMI shows marginal improvement in February

The S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI) rose to 49.7 in February from 48.3 in the prior month. 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.

The PMI’s slight increase reflects less pronounced decreases in both output and new orders, alongside a return to employment growth. However, there were continued reports of subdued client demand, particularly in international markets—export orders fell for the sixth straight month.

February saw an acceleration in input cost inflation. While firms attempted to pass these higher input costs onto clients through increased output charges, the rate of output price inflation was the most modest since June 2023. Firms remained confident on the outlook, anticipating that a strengthened economic climate will support sales and output over the next 12 months.

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