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Canadian manufacturing business conditions continued to expand in November, according to the Royal Bank of Canada’s Canadian manufacturing purchasing managers’ index. November’s reading of 55.3 is above the 50.0 no-change mark and consistent with one of the fastest rates of growth for over two years, despite a dip from 55.6 in October. The RBC PMI is a monthly survey conducted in association with Markit, a financial information services company, and the Supply Chain Management Association.
Manufacturing employment in Canada rose for the 22nd consecutive month in November. However, the overall rate of job creation slowed to a four-month low that was also weaker than the series average.
“The Canadian manufacturing sector remained strong as we approach the year end. Higher domestic and export orders supported further growth acceleration for output, and also encouraged firms to start rebuilding their inventories,” said Cheryl Paradowski, president and CEO of the Supply Chain Management Association. “The employment index was a disappointing result from the survey, having showed the rate of job creation ease to a four-month low, but perhaps this will pick up if the strong performance of the sector continues.”
The RBC PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in more than 400 industrial companies.