Price hikes deterred some clients from placing orders, manufacturers say
Canadian manufacturing activity lost some momentum in June as inflation pressures and material shortages held back production and firms became less optimistic about future output, data showed on Monday.
“There were signs of difficulty in Canada’s manufacturing sector in June,” Shreeya Patel, an economist at S&P Global, said in a statement. “Global supply issues and steep price pressures were at the heart of the issue, and are expected to continue to disrupt the manufacturing economy this year.” Price hikes deterred some clients from placing orders, said manufacturers, adding that a decline in international demand was due to the war in Ukraine and weak demand from Europe and Asia.
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