Canada Manufacturing PMI Declines in April

The headline Canada Manufacturing Purchasing Managers’ Index (PMI) registered a seasonally adjusted reading of 57.2 in April, down from 58.5 in March.

The reading signals the third-strongest growth in operating conditions on record, according to IHS Markit’s report released on Monday.

“April data signaled another robust overall expansion in operating conditions at the Canadian manufacturing sector, with the latest result extending the period of growth to ten consecutive months. Despite a surge in COVID-19 cases and a series of tightening restrictions, output and new orders rose sharply, although the rates of growth moderated from those seen in March,” the report indicated.