Headwinds included declining production, new orders, and employment. The slowdown in both domestic and international demand, coupled with price sensitivity among customers, contributed to the contraction in manufacturing activities.
Both production (output) and new orders in the manufacturing sector contracted for the month. The decline in production was the most significant since August 2022, and sales performance was the weakest since March. Similar factors that affected domestic demand were also seen in international markets, where new export orders fell for the first time in three months and at the steepest rate since May. Cost pressures in the manufacturing sector appeared to stabilize in September after an upturn in August.
The S&P Global Canada Manufacturing Purchasing Managers’ Index is an important economic indicator that provides insights into the health of the manufacturing sector in Canada.
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