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Canada PMI September 2022

Canada: Manufacturing PMI increases in September but remains in contractionary territory

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 49.8 in September, up from August’s 48.7. Consequently, the index moved closer to the 50.0 no-change threshold, signaling a softer deterioration in manufacturing sector operating conditions compared to the previous month.

September’s slight improvement was driven by weaker declines of output and new orders. New orders, in particular, were affected by a slowing economy and rising interest rates. Against this backdrop, firms reduced their headcounts for the second month in a row in September. More positively, both input and output price inflation moderated in the month, with both reaching the lowest levels seen in nearly two years. Meanwhile, although businesses remained optimistic in the month, the degree of optimism was the fifth-lowest on record.

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