The S&P Global Canada Manufacturing PMI fell to 49 in May of 2023, slipping into the contractionary territory following the near stagnation of 50.2 in the previous month. Manufacturers reported another month of decline in new orders, pressured by elevated borrowing costs from the Canadian central bank while the high-inflation environment squeezed clients’ budgets. The persistently low demand levels meant that firms have been depending on backlogs of work to support production, but recent clearance in the latter resulted in a fresh contraction for Canadian manufacturing output. Furthermore, companies reduced purchasing levels for a tenth consecutive month and cut jobs for the first month in seven. On the price front, improved supply chains and a pullback in commodity prices drove input costs to fall for the first time in 11 years. source: Markit Economics
Manufacturing PMI in Canada averaged 52.74 points from 2011 until 2023, reaching an all time high of 58.90 points in March of 2022 and a record low of 33.00 points in April of 2020. This page provides the latest reported value for - Canada Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Canada Manufacturing PMI - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.
Manufacturing PMI in Canada is expected to be 49.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Canada Manufacturing PMI is projected to trend around 55.00 points in 2024, according to our econometric models.