Canada’s Manufacturing PMI Advances

02 May 2012 10:00am - Crage Campbell

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Canada’s Manufacturing PMI Advances

Canadian manufacturing growth advanced at its strongest rate of the year last month as business conditions improved for a third straight month, highlighting a slow yet steady recovery in the export-reliant sector. Royal Bank of Canada’s Canadian Manufacturing Purchasing Managers’ Index, rose to a reading of 53.3 in April compared to 52.4 seen in March, comfortably above the 50 mark which separates expansion from contraction. The index, a monthly survey, offers a comprehensive and early indicator of trends in the Canadian manufacturing sector.

Craig Wright, chief economist at Royal Bank of Canada said, “Favourable manufacturing conditions have been a prevailing force in Canada so far this year thanks, in part, to strong output and new export order growth in particular which accelerated in April at the fastest pace in a year.” He added, “As the economy south of the boarder strengthens, we expect the Canadian manufacturing sector will continue to reap the benefits of increasing U.S. demand for key Canadian exports such as autos, machinery and lumber.” The new export orders component of the index rose to its most robust level since April 2011.

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