- prior report
- Markit manufacturing PMI for February 2022 56.6% vs 56.2% last month
- The latest result signalled the strongest uptick for three months, and one that continued the run of growth which began July 2020.
- Output, new orders and purchasing activity all rose solidly while favourable demand conditions underpinned job creation.
- There were ongoing supply-side issues with material scarcity leading to lengthy lead times
- Sharp price pressures continued with input price inflation accelerating in February
Commenting on the survey, Shreeya Patel, economist at IHS Markit said:
“February data revealed another expansion in Canada's manufacturing sector with the headline PMI improving during the month. Growth was underpinned by a quicker expansion in output, following sharp uplifts to headcounts and supportive domestic demand conditions.
That said, supplier delivery times were marked once again, a common theme since the pandemic hit in March 2020. Material shortages, poor transportation conditions and price hikes have forced firms to plan in advance, but productivity has been somewhat hit.
For now, businesses in Canada are coping with external pressures, but issues surrounding rising costs and supply are likely to persist for the duration of the year. The picture for the pandemic continues to improve, however.”
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