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Canada PMI November 2023

Canada: Manufacturing PMI falls in November

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell from 48.6 in October to 47.7 in November. As a result, the index moved further below the 50.0 no-change threshold, and signaled a faster deterioration in manufacturing sector operating conditions compared to the previous month.

The reading was due to faster falls in output, new exports and new orders. Meanwhile, firms continued to run down existing stocks. More positively, employment rose. On the inflation front, both input and output price pressures intensified in November.

Paul Smith, economics director at S&P Global Market Intelligence, said:

“Inflation remains stubbornly persistent, with both price indices picking up since October. Although inflation rates remain well down on previous year’s highs, both vendors and manufacturers alike remain willing to push cost increases downstream to clients. This suggests there remains some work to do to fully eradicate systematic price pressures, a situation made more complicated by a still relatively healthy labour market.”

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