In July, the seasonally adjusted S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI) was 46.1, increasing 0.5 points from June but remaining below 50 for the sixth consecutive month. Manufacturers reported a dip in output and new orders due to lower demand from tariffs and the steepest inventory decline since 2020.
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