The IHS Markit Canada Manufacturing PMI increased to 40.6 in May 2020 from a record low of 33 in the previous month. Still, the latest reading pointed to the second sharpest contraction in factory activity since series began nearly ten years ago, amid the coronavirus crisis. Output declined at a softer pace due to a gradual reopening of manufacturing supply chains. New orders and export orders dropped at a slower rate, while the job shedding rate accelerated at a faster pace than at any time prior to the outbreak. Vendor performance deteriorated mostly due to low stocks, business closures and international shipping delays. On the price front, purchasing charges rose at the quickest pace since February, due to currency depreciation. Finally, sentiment improved from April’s record low, still the degree of optimism was only modest amid concerns that the pandemic would have a long-lasting impact on business operations.
Manufacturing PMI in Canada averaged 52.27 points from 2011 until 2020, reaching an all time high of 57.10 points in June of 2018 and a record low of 33 points in April of 2020. This page provides the latest reported value for - Canada Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Canada Manufacturing PMI - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020. source: Markit Economics
Manufacturing PMI in Canada is expected to be 41.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Manufacturing PMI in Canada to stand at 47.00 in 12 months time. In the long-term, the Canada Manufacturing PMI is projected to trend around 51.00 points in 2021 and 52.00 points in 2022, according to our econometric models.