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Canada's manufacturing surge speeds down in August
In August, the overall tempo of surge in Canada's manufacturing sector speeded down for the second straight month because slower surge in new business compensated the strongest expansion of production volumes for almost 8 years, as data disclosed on Tuesday.
The IHS Markit Canada Manufacturing Purchasing Managers' index, a gauge of manufacturing business conditions in this country, went down to a seasonally updated reading of 56.8 in August versus July’s result of 56.9. In June, it hit a poll-record maximum of 57.1.
As a rule, a result above 50 hints at surge in the sector.
In August, Canadian manufacturers kept boosting their production volumes in August. A deceleration in new business surge meant that the headline PMI went down to a three-month minimum.
From July’s reading of 56.4 the output index tacked on to its highest value since December 2010 hitting 57.2. Canadian manufacturers pointed to growing customer demand as well as increased operating capacity at their factories.
The new orders index headed south to 55.7, which is a four-month minimum, diving from July’s reading of 57.2 in the face of evidence that heightened business uncertainty as well as global trade tensions affected spending decisions.
Additionally, increased demand in the energy sector assisted to spur export sales, although there were reports that American trade duties had impacted competitiveness in the period.
American duties on Canadian aluminum and steel came true on June 1.
The latest poll informed that aluminum and steel levies increased input costs and also acted as a headwind to export sales in American markets.
Besides this, the output prices index slumped to 61.3 from July’s maximum of 62.8, while the input prices index managed to ascend to its highest value for more than seven years jumping from 71.6 to 73.7.
The Monetary policy committee of the Bank of England will vote on the level of interest rate and release its monetary policy summary on March 21, at 14:00 MT time.
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