- Prior was 48.6
- Firms continued to utilise existing input inventories wherever possible in the face of faster input price inflation.
- There were concurrent falls in production and new orders during November
- Output price inflation rose to a nine-month high in November
- manufacturing employment rose slightly in the latest survey period, first gain in 7 months
Commenting on the latest survey results, Paul Smith, Economics Director at S&P Global Market Intelligence said:
“Once again, the Canadian manufacturing PMI revealed some of the broad-based challenges facing the economy heading towards the end of the year. On the one hand, output and new orders remain mired in contraction territory, linked in part to a broader-based global industrial weakness which is limiting demand and sales. Destocking remains prevalent across the supply chain, and client budgets are stretched.
“However, inflation remains stubbornly persistent, with both price indices picking up since October. Although inflation rates remain well down on previous year’s highs, both vendors and manufacturers alike remain willing to push cost increases downstream to clients. This suggests there remains some work to do to fully eradicate systematic price pressures, a situation made more complicated by a still relatively healthy labour market.”
