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Canada PMI September 2023

Canada: Manufacturing PMI falls in September

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell from 48.0 in August to 47.5 in September. 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.

September’s downturn was largely due to deteriorations in output, purchasing activity, new orders and exports. That said, input price inflation eased, while confidence among firms for the year ahead was positive.

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

“The weakening of cost inflation to a marginal pace may augur well for price developments further down the supply chain in the coming months. With job shedding again reported, these later developments add support to the Bank of Canada’s recent decision to hold its main policy rate unchanged.”

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