However, there are glimmers of hope. The Canada S&P Global Manufacturing Purchasing Manufacturers Index (PMI), while still below the 50-point expansion threshold, rose to 48.3 from 45.4, suggesting the downturn might be nearing its bottom. Additionally, manufacturers are feeling more optimistic about the next year, with expectations for production hitting a six-month high.
The monthly decline was the ninth consecutive for the PMI. The future output index climbed to 61.9 from 59.7 in December, its highest level in six months, while price measures showed inflation pressures cooling. The input price index fell to 53.3 from 54.1 in December.
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