“Canadian manufacturers reported a sustained upturn in overall business conditions in October, but the rate of improvement slowed for the fourth month running,” said the IHS Markit in its Canadian Manufacturing PMI report.
Key takeaways from the press release
- This was highlighted by a fall in the seasonally adjusted IHS Markit Canada Manufacturing Purchasing Managers’ Index to 53.9, from 54.8 in September.
- Production volumes expanded at the slowest pace since December 2016.
- October data pointed to another sharp increase in average cost burdens at manufacturing companies.
- Survey respondents commented that steel tariffs and rising transportation costs had resulted in higher input prices.
- Looking ahead, manufacturers are optimistic overall that their production volumes will rise in the next 12 months.
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