- Prior was 49.8
- New orders fell for a fourteenth successive month. Although modest, the decline was the steepest since January amid reports that high prices and soft market demand were weighing on sales.
- firms took on additional staff for a third month in a row
- Suppliers were also reported to have raised their prices, and this helped to explain another round of input cost inflation in April
- Full report
Commenting on the latest survey results, Paul Smith, Economics Director at S&P Global Market Intelligence said:
"April’s survey data revealed another relatively subdued performance of Canada’s manufacturing sector, with both output and new orders both falling since March – and perhaps most disappointedly at slightly faster rates. This led firms to again cut their buying activity, and focus on the utilisation of existing inventory, which several panellists noted remain too high.
"Inflation rates are also frustratingly sticky, with supply- side delays noted as a factor pushing up input costs. However, manufacturers’ pricing power is being limited by market competition and subdued demand. Firms are subsequently looking to the Bank of Canada to ease interest rates soon given elevated borrowing costs remain a key factor weighing on the outlook."
USD/CAD is down 18 pips to 1.3759 today after a jump yesterday.
