- Prior was 45.4
- Production was sub-50 for a sixth month in a row during January
- Confidence in the future improved in January, hitting its highest level in six months
Commenting on the latest survey results, Paul Smith, Economics Director at S&P Global Market Intelligence said:
“Canada’s manufacturing sector performance remained subdued at the start of 2024 as weak underlying demand for goods remained apparent. This continued to weigh on production levels and led to further cuts in purchasing activity and another round of job losses, albeit to lesser degrees than seen at the end of last year.
“Despite remaining inside negative territory, the latest data therefore provide hope that the downturn in the sector is bottoming out. Moreover, firms are looking to brighter times in the next 12 months, with output expectations hitting a six-month high. Manufacturers and indeed policymakers will also be encouraged by the latest price indices, which continued their recent disinflationary paths in January.”
