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Manufacturing Downturn Intensifies, Return Of Job Shedding

CANADA
  • The S&P Global Canadian manufacturing PMI marked its eighth consecutive sub-50 month as it fell 2.3pts to 45.4 for its lowest since May 2020.
  • The press release makes for sombre reading with the sharpest declines in both output and new orders also since May 2020.
  • “There was also a return to job shedding, whilst confidence in the future remained subdued in the context of the survey history.”
  • “The rate of inflation remained marked, though was the lowest for three months. A wide range of goods were reported to have risen in price, with steel commonly said to be up in cost. Firms saw little choice but to raise their own charges, although competitive pressures meant the degree to which output prices increased was slower than November’s nine-month high.”

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