Prior month 47.7PMI for December 45.4 – lowest since May 2020

For the full report click here

Highlights from S&P Global on the PMI:

Intensified Downturn in Manufacturing Sector: Canada’s manufacturing sector experienced an accelerated decline in output and new orders in December.

Job Losses and Subdued Confidence: There was a return to job shedding, and confidence about the future remained low compared to historical survey data.

Price Increases Amidst Falling Demand: Prices continued to rise, despite…

How will this affect me?

This downturn in the manufacturing sector may lead to job losses and reduced consumer confidence, affecting spending and potentially impacting individuals in the workforce. If prices continue to rise amidst falling demand, it could also result in higher costs for goods and services for consumers.

How will this affect the world?

The intensified downturn in Canada’s manufacturing sector could have ripple effects on the global economy, especially if it leads to decreased demand for exports. Job losses and subdued confidence in one country can also contribute to a broader sense of economic uncertainty worldwide.

Conclusion:

In conclusion, the recent decrease in PMI for December highlights challenges in Canada’s manufacturing sector, which may have implications for individuals and the global economy. It is important for policymakers and businesses to monitor these trends and take appropriate measures to mitigate the impacts of the downturn.