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Canada PMI October 2023

Canada: Manufacturing PMI rises in October but stays downbeat

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose from 47.5 in September to 48.6 in October. As a result, the index remained below the 50.0 no-change threshold, but signaled a softer deterioration in manufacturing sector operating conditions compared to the previous month.

In October, falls were recorded in output, exports, new orders, employment, stocks and purchasing activity, while input price pressures increased and business sentiment was the weakest in over three years. Firms reported problems finding suitably qualified staff, product shortages, transport delays and subdued global demand.

Paul Smith, economics director at S&P Global Market Intelligence, said: “Sales to both domestic and international customers were again lower, and firms remain engaged in a cycle of destocking, seeking to cut any excess inventory that built up during the pandemic. Perhaps most worrying is the pickup in input price inflation since September, which added to pressure on firms at a time of dwindling demand. Such pipeline pressures only reinforce the potential for interest rates to remain higher for longer.”

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