“September data pointed to slower overall growth across the Canadian manufacturing sector, largely reflecting weaker rises in production volumes and incoming new work,” the IHS Markit reported on Monday.
Key takeaways from the press release
- The seasonally adjusted IHS Markit Canada Manufacturing Purchasing Managers’ Index dropped from 56.8 in August to 54.8 in September, to signal the slowest improvement in overall business conditions since December 2017.
- Production growth was the weakest for five months in September.
- A strong rate of input cost inflation continued in September, with manufacturers reporting higher prices for steel, aluminum and electronic components.
Commenting on the report, “survey respondents noted that global trade frictions had held back export sales and resulted in more cautious spending patterns among clients,” said Christian Buhagiar, President and CEO at SCMA.
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