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Canada PMI January 2023

Canada: Manufacturing PMI rises to six-month high in January

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose to 51.0 in January from December’s 49.2. Consequently, the index rose above the 50.0 no-change mark, signaling an improvement in manufacturing sector operating conditions from the previous month.

Increases in output and new orders were the main drivers behind January’s reading, while employment rose at the fastest pace since July. Moreover, input inflation was the lowest in over two years. On the negative side, delivery times worsened and there were reductions in the stock of purchases. In addition, exports continued to decline.

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

“Welcome is the reduction in inflationary pressures and gives additional hope of firmer sector recovery in the months ahead. However, we must remember that growth is modest, and fears of the negative impacts on output of recession persist. For these reasons, confidence overall remains below par and firms retain a cautionary approach to their purchasing activities.”

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