- Prior was 48.3
- The relative improvement in the PMI reflected slower falls in both output and new orders
- There remained many reports that client demand was subdued
Commenting on the latest survey results, Paul Smith, Economics Director at S&P Global Market Intelligence said:
"Canada’s manufacturing PMI moved closer to the crucial break-even 50.0 mark during February amid slower falls in both output and new orders. Although continuing to decline, reflective of some ongoing client hesitancy, rates of contraction were small in the context of recent months and reflect a steady underlying improvement in global market conditions.
"Moreover, firms expressed their optimism about the future by adding to their staffing levels for the first time in three months. This in part may be the result of relative price stability; although costs continued to rise in February, the net increase was broadly in line with the trend seen over the past half-year or so. Still, margins remain under a little pressure, with factory gate prices continuing to rise only modestly and at a slower pace than costs."
