In addition to the U.S., Canada is also struggling with economic pressure! June PMI data is getting worse

<p>&nbsp;Contraction in Canada's manufacturing sector edged up slightly in June as an uncertain economic outlook weighed on domestic and foreign demand, data showed on Tuesday.</p><p><br /></p><p>Canada's S&amp;P Global Manufacturing Purchasing Managers' Index (PMI) slipped to 48.8 in June from 49.0 in May. A reading below 50 indicates contraction in the sector.</p><p><br /></p><p>"Reports of weak market demand, both at home and abroad, are widespread, with clients reportedly reluctant to do new business given the uncertain economic outlook," Paul Smith, director of economics at S&amp;P Global Market Intelligence, said in a statement.</p><p><br /></p><p><br /></p><p>The new orders index read lower, to 48.5 from 48.6 in May, while a measure of new export orders contracted for the 13th straight month. High interest rates contribute to delaying spending decisions, producers say.</p><p><br /></p><p>The Bank of Canada last month raised its benchmark interest rate to a 22-year high of 4.75%.</p><p><br /></p><p>As demand weakens, firms have moved to reduce excess input inventory. The buying stock index fell to 47.3 from 48.6 in May, the 11th straight month of contraction.</p>