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Manufacturing PMI Sees Rangebound Weakness

CANADA DATA
  • The S&P Global manufacturing PMI dipped slightly in December from 49.6 to 49.2, holding in the 48.7-49.8 range that is has largely plateaued at since August.
  • Whilst not materially worse than prior months, it continued to paint a subdued picture with “further falls in output, new orders and purchasing activity. Inventories were drawn down as firms sought to realign stocks with current production requirements.”
  • Price components increase: “prices paid for inputs continued to increase at an elevated rate, and one that was faster than November’s two-year low. Similarly, firms chose to pass through a noticeable proportion of these higher costs to clients via a rise in their own charges, which also increased at a stronger pace in December.”
  • However, coming ahead of Friday’s employment report, “More positive was another month of employment growth, as firms sought to fill long-held vacancies, although even here the rate of expansion was marginal amid reports to a reluctance to hire at a time when production and sales continue to fall.”
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