Canada Manufacturing PMI

Last Release

Jul 31, 2024

Actual

47.8

Units In

Points

49.3

Frequency

Monthly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
58.9 Mar 2022	33 Apr 2020	52.37 Points	2011-2024	Markit Economics

The IHS Markit Canada Manufacturing Purchasing Managers’ Index™ measures the performance of the manufacturing sector. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.

Latest Updates

The S&P Global Canada Manufacturing PMI rose to 51.1 in October of 2024 from 50.4 in the previous month, the second consecutive expansion in Canadian factory activity after 17 consecutive monthly contractions. Output rose for the first time in over one year, benefitting from a marginal increase in new contracts and the 27th consecutive month of clearance in work backlogs. The improvement in new order levels was solely driven by the domestic market, as new export business fell for the 14th straight month. In the meantime, employment levels increased as manufacturers aimed to increase capacity ahead of the next year. On the price front, input cost inflation softened from the previous month, allowing output charge inflation to slow to its lowest in five months. Looking forward, firms continued to show confidence in their business outlook, although many remained cautious on purchasing levels.