- Prior was 56.2
- Output and input inflation at the lowest since Feb
- New orders increased
- Output higher for 23rd consecutive month
Commenting on the latest survey results, Shreeya Patel, Economist at S&P Global Market Intelligence said:
"Canada's manufacturing sector has recovered well from the pandemic, registering output growth in almost every month for the last two years. Demand continues to flourish while firms are committed to growing their businesses through a variety of different ventures including product development, improving e-commerce, investing in new machinery and expanding their operations. As a result, companies have struggled to keep up with demand, though severe labour and material shortages can also be blamed.
"This is likely to persist given recent lockdowns in China and ongoing geopolitical tensions. Firms and their clients can expect to face rising costs for energy as well as other essential inputs. Manufacturing companies in Canada have done well so far in anticipating shortages and price hikes, which will no doubt persist.
"Fortunately, rates of inflation are starting to subside, which firms can only hope will continue.
