Canada’s Manufacturing PMI Surges in July

The headline seasonally adjusted IHS Markit Canada Manufacturing Purchasing Managers’ Index (PMI) registered 52.9 in July, up from 47.8 in June.

This is the first time for the index to pass the 50-point mark in five months, due to the impacts of the COVID-19 pandemic.

An improving customer demand as more parts of the economy reopen helped the rebound, according to IHS Markit.

In addition, last month’s reading was the highest since January 2019, signaling a partial rebound in business conditions from the low point seen during April, when the index recorded 33.

This was also the fastest increase in output levels since September 2018.