Canadian Measures Show Steady Growth

Supply chain disruptions and pricing pressures failed to have a material impact on Canadian producer prices and manufacturing activity in October.

The Raw Materials Price Index, a measure of price changes for raw materials purchased for further processing by manufacturers operating in Canada, increased 4.8% in October after falling 2.4% in September. On an annual basis, the index rose 38.4% in October following a revised 32.4% hike in September.

Likewise, Canadian manufacturing activity, an overview of production, was slightly lower than October’s pace but still registered a robust pace in November.

The IHS Markit Canada Manufacturing Index is compiled from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers. In October, the Index dipped to a seasonally adjusted 57.2 in November from 57.7 in October. Any number above 50 indicates growth and the index has steadily been above 50 since July 2020.

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The purchasing managers are questioned on five main parameters: production, new orders, supplier deliveries, inventory levels and employment environment. Optimism among manufacturers fell to the lowest since July, but was still above the long-term average.