According to a report from S&P Global, Canada’s manufacturing sector experienced growth in October, marking the first output increase in over a year. The report highlighted improved market demand, leading to a slight rise in new business and an increase in employment as firms hired more workers.
Inflationary pressures eased, with costs increasing at a slower rate and only a marginal rise in output prices. The S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI) stood at 51.1 for October, up from 50.4 in September, reaching its highest level in 20 months. Paul Smith, an economics director at S&P Global Market Intelligence, noted that the month was relatively positive for Canada’s manufacturing economy, with notable increases in output and employment. Manufacturers are preparing for anticipated growth by slightly increasing warehouse inventories in expectation of rising orders in the future.
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