The seasonally adjusted S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI) in October was 48.6, improving 1.1 points from September but marking the sixth consecutive month below a 50 neutral reading. Manufacturers reported continued decreases in output and new orders. Skilled labor shortages and delivery delays also contributed to the decline.
The PMI index comprises five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times and stocks of raw materials. A reading above 50 indicates growth, while below represents a contraction. See S&P Global
