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The IHS Markit in its latest Canada Manufacturing Purchasing Managers’ Index (PMI) reported that the business activity in the manufacturing sector contracted in April with the headline PMI dropping below the 50 mark. This  reading also fell short of the market expectation of 51.5.

“Manufacturing production declined for the first time in twoand-a-half years, although the rate of contraction was only modest. Reports from survey respondents suggested that the fall in output reflected a realignment of production schedules with softer client demand,” the publication read.