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Canada PMI November 2019

Canada: Manufacturing PMI expands modestly in November

In November, the IHS Markit Manufacturing Purchasing Managers’ Index (PMI) inched up to 51.4 from 51.2 in October. November’s PMI marked the third consecutive monthly improvement, and subsequently remained above the neutral 50-threshold signaling an expansion in manufacturing operating conditions.

November’s uptick reflected ongoing increases in output, which grew at the fastest pace since February; new orders; and employment levels, although job creation remained lackluster. That being said, new export business fell in November, and respondents mainly noted a jump in domestic demand as the catalyst for stronger factory activity in the month. On the price front, input cost inflation accelerated to a seven-month high in November. Meanwhile, manufacturers’ outlooks on future operating conditions was weaker in November, likely holding back hiring somewhat, and dipped to the joint-lowest level since February 2016.

Commenting on November’s print, Tim Moore, economics associate director at IHS Markit, noted:

“The manufacturing sector has started to find its feet again after a soft patch during the third quarter of the year […] Lower export sales were the main source of concern in November, especially within the investment goods category. That said, Canadian manufacturers often noted that they expect improving US demand and a reduction in global trade frictions to help deliver a turnaround in export demand.”

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