In January, the seasonally adjusted S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI) was 50.4, increasing 1.8 points from December 2025 and marking the highest reading in 12 months. Manufacturers reported growth in output and employment despite a slight decline in new orders.
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