Canada S&P Global manufacturing PMI
- Prior was 48.0
- Output, orders and employment
all fell amid reports of softening market conditions - Cost
pressures showed signs of stabilisation following August’s
upturn - The
decline in production was the steepest since August 2022
US manufacturing numbers are showing signs of bottoming and turning higher while Canadian data struggles. That suggests the IRA and CHIPS might be giving the US a leg up.
Commenting on the latest survey results, Paul Smith,
Economics Director at S&P Global Market Intelligence
said:
“In line with the global industrial downturn, the
Canadian manufacturing sector continued to experience
lacklustre performance during September. Output and
new orders both fell to steeper degrees amid evidence
of slow market demand. Price levels remain a problem
for many clients, especially as Canadian manufacturers
continued to hike their charges to a solid degree.
“However, the weakening of cost inflation to a marginal
pace may augur well for price developments further
down the supply chain in the coming months. With job
shedding again reported, these later developments add
support to the Bank of Canada’s recent decision to hold
its main policy rate unchanged.”