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PMI Relative Resilience As Price Pressures Ease

CANADA DATA
  • The S&P Global PMI held in negative territory in Sep but surprisingly increased 1.1pts to 49.8 with broad-based improvements up across categories.
  • Contrary to auxiliary indicators such as the CFIB small business barometer at new pandemic recovery lows and the continued rolling over in weekly consumer confidence.
  • However, looking ahead, "firms were still optimistic that their output levels would grow over the coming 12 months, but the degree of sentiment was the fifth-weakest since the question was first put forward in July 2012. Anecdotal evidence pointed to greater concerns over a recession".
  • Both input and output price inflation eased to 22-month lows.
  • Market impact muddied by risk rolling over with a large sell program on the US open.
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