Canada PMI February 2019

Canada

Canada: IHS Markit manufacturing PMI continues to weaken in February

March 1, 2019

In February, the seasonally-adjusted IHS Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 52.6 from 53.0 a month earlier, marking a 26-month low. However, the index remained above the 50-point threshold, signaling an ongoing expansion in manufacturing activity.

February’s reading reflected weaker job creation and a stagnation in pre-production inventory levels. Survey respondents cited global trade frictions and increased economic uncertainty as reasons that may have led to delayed decision making among some businesses. Moreover, certain manufacturers noted subdued export competitiveness amid higher prices for steel-intensive products. Nevertheless, new order growth rebounded in February and production volumes increased at a marginally faster rate compared to January.

FocusEconomics Consensus Forecast panelists expect fixed investment to increase 0.7% in 2019, which is down 0.2 percentage points from last month’s forecast. For 2020, our panel projects fixed investment to increase 1.9%.


Author:, Economist

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Canada PMI February 2019

Note: IHS Markit Purchasing Managers’ Index. A reading above 50 indicates an expansion in purchasing activity while a value below 50 indicates a contraction.
Source: IHS Markit.


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