“August data pointed to a sharp and accelerated upturn in Canadian manufacturing output, but the latest survey also revealed a loss of momentum for new business growth,” IHS Markit said.
Key quotes from the press release
- The seasonally adjusted IHS Markit Canada Manufacturing Purchasing Managers’ Index (PMI) dropped fractionally to 56.8 in August, from 56.9 in July, to signal the weakest overall improvement in business conditions since May.
- Steel and aluminum tariffs contributed to the fastest rise in manufacturers’ input costs since April 2011.
- Production volumes increased at a robust pace in August, with the rate of expansion the sharpest since December 2010.
- New order growth eased to a four-month low, despite a slightly stronger contribution from export sales.
- Concerns about the outlook for export sales acted to dampen business confidence in August.
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