Canada PMI Surprises to the Upside
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Canada PMI Surprises to the Upside

By: Tomas Ronolski - AllPennyStocks.com News

Friday, February 3, 2023

The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 51.0 in January from 49.2 in December, the first month since July that the index was above the 50 threshold, denoting expansion in the sector. An uptick in domestic demand led to firms increasing production and inflation pressures showed signs of easing.

The PMI measures the activity level of purchasing managers in the services sector. After five months below par, the manufacturing sector returned to growth, underpinned by gains in both production and new orders. Additionally, firms have hired additional workers at the fastest since last July.

Input prices increased at their slowest pace for nearly two-and-a-half years, while output charges also grew at one of the slowest rates in the past two years. Finally, business confidence about the future remained positive but dropped to a three-month low.



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