The Toronto skyline in Canada

Canada PMI March 2021

Canada: Manufacturing PMI jumps to a survey-record high in March

In March, the IHS Markit Manufacturing Purchasing Managers’ Index (PMI) rose to 58.5 from 54.8 in February. Therefore, the index moved further above the neutral 50-threshold, signaling an improvement in manufacturing operating conditions from the previous month.

In March, the PMI suggested momentum in manufacturing sector activity picked up from the previous month as strong expansions in new orders and job creation supported operating conditions. Moreover, output growth increased at the second-fastest pace since the survey began back in late-2010. On the price front, input price inflation accelerated in March, while output prices also increased. Lastly, optimism among firms rose to the highest level since May 2019 in March, likely tied to the vaccine rollout program gaining significant traction in recent weeks.

Commenting on March’s reading, Shreeya Patel, an economist at IHS Markit, noted:

“Overall, the Canadian manufacturing sector has performed well throughout the first quarter, but external pressures have somewhat weighed on the rate of expansion. Nevertheless, the sector is on course for a return to industrial production growth in 2021.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest