- Before it was 48.6
- Firms continued to use their existing input stocks as much as possible in the face of faster inflation of input prices.
- There were simultaneous production cuts and new orders in November.
- Producer price inflation reached nine-month high in November
- manufacturing employment rose slightly in latest survey period, first gain in 7 months
Commenting on the latest survey results, Paul Smith, economic director at S&P Global Market Intelligence, said:
“Once again, the Canadian Manufacturing PMI revealed some of the broader challenges the economy will face heading into the end of the year. On the one hand, production and new orders remain mired in a contraction zone, linked in part to broader global industrial weakness that is limiting demand and sales. Clearance remains widespread throughout the supply chain and customer budgets are under strain.
“However, inflation remains stubbornly persistent, with both price indices having recovered since October. Even though inflation rates remain well below the previous year’s highs, suppliers and manufacturers remain willing to push cost increases onto customers. This suggests that there is still work to be done to completely eradicate systematic price pressures, a situation made even more complicated by a still relatively healthy labor market.
This article was written by Adam Button at www.forexlive.com.