Canada PMI
- Prior was 48.8
- Job cuts were more prominent
- July’s survey revealed a fifth straight monthly fall in new orders
Commenting on the latest survey results, Paul Smith, Economics Director at S&P Global Market Intelligence said:
“July’s PMI results offered a rather mixed bag on the performance of the Canadian manufacturing sector. On the one hand, there was a welcome return to output growth, following two successive months of contraction. However, concurrently there was another, admittedly small, drop in new orders as firms continued to signal a high degree of market uncertainty and reluctance amongst clients to commit to new work.
“Moreover, there was an intensification of price pressures as firms reported a myriad of inflationary factors in July. However, amid reports of growing market competition and with vendors seemingly having sufficient capacity to easily cope with demand, inflation rates remain broadly under control and well down on levels seen around the turn of the year.”