Canada PMI October 2022

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Canada: Manufacturing PMI eases in October

November 1, 2022

The S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to 48.8 in October from September's 49.8. As such, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in manufacturing sector operating conditions compared to the previous month.

October’s deterioration was driven by faster declines in new orders and output, against a backdrop of weaker demand, labor shortages and supply difficulties. Firms reduced their headcounts for the third month in a row in October, while output inflation accelerated, largely due to a weakening exchange rate vis-à-vis the dollar. This was despite input inflation decelerating to a near two-year low in the month. Meanwhile, although remaining optimistic, business sentiment dipped to a 29-month low due to growing concerns over a slowing economy and the effect of higher interest rates.

FocusEconomics Consensus Forecast panelists expect fixed investment to decrease 1.4% in 2023, which is down 0.6 percentage points from last month’s forecast. For 2024, our panel projects fixed investment to increase 2.7%.


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Canada PMI October 2022

Note: S&P Global Purchasing Managers’ Index. Readings above 50 indicate an overall increase compared to the previous month, and below 50 an overall decrease.
Source: S&P Global.


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