Canada’s manufacturing sector expanded in December at the slowest pace in nearly two years as production growth faltered and export orders stagnated, data showed on Wednesday.
The IHS Markit Canada Manufacturing Purchasing Managers’ index (PMI), a measure of manufacturing business conditions, fell to a seasonally adjusted 53.6 last month, its lowest since January 2017, from 54.9 in November, according to Reuters.
A reading above 50 shows growth in the sector.
“December data signalled a loss of momentum for manufacturers at the end of the year, with stagnating export sales and softer energy sector demand the key factors behind an overall slowdown in production growth,” Christian Buhagiar, president and CEO, Supply Chain Management Association (SCMA), told Reuters.
The output index fell to a 2-year low of 52.0 from 53.4 in November. Manufacturers reported that global trade frictions had held back export sales, IHS Markit said.
(Reuters)
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