The S&P Global Canada Manufacturing Purchasing Managers’ Index was unchanged in June, matching the seasonally adjusted 49.3 level that was posted in May
Canadian manufacturing activity deteriorated in June, extending a record-setting run of contraction for the sector, as new orders declined and firms cut jobs for the first time in five months, data showed on Tuesday.
It was the 14th straight month the PMI was below the 50.0 no-change mark, the longest such stretch in data going back to October 2010. A reading below 50 marks contraction in the sector. “Panelists noted that underlying market demand remained soft, whilst also commenting that sales were perhaps weaker-than-expected – resulting in the accumulation of some excess inventory at their plants.”
One bright spot in the data was an easing of cost pressures, with the input price index dipping to 53.6, its lowest level since January, from 53.8 in May.
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