Highest since June 2022 New orders rise at fastest pace in over four years Output growth strongest since May 2022 as stockpiling drives demand Input cost inflation hits 3.5-year high on Middle East war, fuel and freight Output prices rise at fastest pace since late 2022 as firms…
Highest since June 2022 New orders rise at fastest pace in over four years Output growth strongest since May 2022 as stockpiling drives demand Input cost inflation hits 3.5-year high on Middle East war, fuel and freight Output prices rise at fastest pace since late 2022 as firms pass through costs Vendor delivery times lengthen most in over a year, 22nd straight month of delays Canada’s S&P Global Manufacturing PMI jumped to 53.3 in April from 50.0 in March, the highest reading since June 2022 and the third print above the 50.0 breakeven mark in the past four months. Output growth was the strongest since May 2022.
New orders rose at the fastest clip in over four years. New export orders climbed at the quickest pace since the start of 2022. On paper, this is the kind of report Canadian manufacturing has been waiting on for the better part of three years.
Except it isn’t really. Or at least, not in the way a clean PMI beat normally suggests. S&P Global’s Paul Smith essentially talked the report down in his own commentary, noting that growth “appears to be driven by worry rather than any meaningful or permanent uplift in demand.” Translation: clients are stockpiling ahead of the war in the Middle East rippling through supply chains and prices.