- Prior was 50.4
- new business rose marginally
- Underpinning growth in October was a solid rise in
manufacturing production - With output rising at a noticeably faster pace than new work
manufacturers added to their stocks of finished goods
This report is rarely a market mover for the loonie but there is some good news here.
Commenting on the latest survey results, Paul Smith,
Economics Director at S&P Global Market Intelligence
said:
“October marked a relatively positive month for
Canada’s manufacturing economy, with solid increases
in output and employment both stand out statistics from
the latest survey data. Firms bolstered their production
in anticipation of growth in the months ahead, with
warehouse inventories increasing marginally ahead of
expected order gains.
“However, firms retained a degree of caution, with buying
activity cut again as underlying demand remains soft –
despite showing signs of stabilising. This highlights that
the sector has some way to go before getting onto a
firmer growth trajectory. With latest data also pointing
to a dissipation of inflationary pressures, the survey
overall provides further support to the Bank of Canada’s
current focus on moving quickly towards a more neutral
monetary policy stance.”
This article was written by Adam Button at www.forexlive.com.
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