- Prior was 50.4
- new business rose marginally
- Underpinning growth in October was a solid rise in manufacturing production
- With output rising at a noticeably faster pace than new work manufacturers added to their stocks of finished goods
This report is rarely a market mover for the loonie but there is some good news here.
Commenting on the latest survey results, Paul Smith, Economics Director at S&P Global Market Intelligence said:
"October marked a relatively positive month for Canada’s manufacturing economy, with solid increases in output and employment both stand out statistics from the latest survey data. Firms bolstered their production in anticipation of growth in the months ahead, with warehouse inventories increasing marginally ahead of expected order gains.
"However, firms retained a degree of caution, with buying activity cut again as underlying demand remains soft – despite showing signs of stabilising. This highlights that the sector has some way to go before getting onto a firmer growth trajectory. With latest data also pointing to a dissipation of inflationary pressures, the survey overall provides further support to the Bank of Canada’s current focus on moving quickly towards a more neutral monetary policy stance."