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Manufacturing PMI Hits 17-Month Low

CANADA
  • The S&P Global manufacturing PMI slipped from 56.8 to 54.6 in June, the lowest since Jan’21. New orders resisted the contraction seen in the US ISM but still slipped from 54.7 to 52.8, the lowest since Jul’20.
  • Price pressures remain clear in the press release:"The PMI dipped to the lowest for 17 months amid softer uplifts in output, new orders, purchases and employment. Global supply issues and steep price pressures were at the heart of the issue, and are expected to continue to disrupt the manufacturing economy this year. "
  • “Firms cited that while demand continued to expand, price hikes deterred some clients from placing orders.”
  • It’s thin trade with the US holiday but the market looks to have been expecting worse, with a small sell-off in GoCs (5YY rising +0.5bps on the release to -4.5bps from Thu close) and USDCAD firming modestly.
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