Canada S&P Global October manufacturing PMI 48.6 vs 47.5 prior

<ul><li><a href="https://www.forexlive.com/news/canada-september-sp-global-manufacturing-pmi-475-vs-480-prior-20231002/" target="_blank" rel="follow">Prior </a>was 47.5</li><li>Input price inflation
jumped the most since April</li><li>Confidence in the
outlook slipped to its lowest level for nearly three-and-a-half
years</li><li>Market conditions were also reported to have worsened in
October, and this was the primary factor behind the eighth
successive monthly fall in new work</li></ul><p>The evidence continues to mount of a slowing Canadian economy and USD/CAD is near a one-year high.</p><p>Commenting on the latest survey results, Paul Smith,
Economics Director at S&amp;P Global Market Intelligence
said:</p><blockquote>
“It was another disappointing month for the Canadian
manufacturing sector, with output and new orders
continuing to fall amid reports of underwhelming market
demand. Sales to both domestic and international
customers were again lower, and firms remain engaged
in a cycle of destocking, seeking to cut any excess
inventory that built up during the pandemic.
</blockquote><blockquote>“Perhaps most worrying is the pickup in input price
inflation since September, which added to pressure
on firms at a time of dwindling demand. Such pipeline
pressures only reinforce the potential for interest rates
to remain higher for longer, and companies seem aware
of this, noting in their survey responses the potential for
these factors to lead to an economic recession over the
next year.”</blockquote>

This article was written by Adam Button at www.forexlive.com.