In March, the seasonally adjusted S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI) was 46.3, falling 1.5 points from February, marking the second consecutive month below 50 and the lowest reading since July 2024. Manufacturers reported a sharp decline in new orders, lower output, and reduced employment due to tariff concerns.
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
