FXStreet (Mumbai) – The seasonally adjusted RBC Canadian Manufacturing PMI dipped from June’s six-month high of 51.3 to 50.8 in July, signalling a slowdown in the economic activity.
Key findings
“Output growth moderated from June’s six-month high. Renewed fall in employment levels.”
“The rate of input price inflation was the fastest for three months, with a number of manufacturers noting higher prices for imported components and raw materials. Increased cost burdens in turn contributed to the most marked rate of factory gate price inflation since February.”
As per Paul Ferley assistant chief economist, RBC, “The RBC PMI indicates a second consecutive month of improving business conditions in July though still at a very modest pace and slightly below that achieved in June. As we enter the second half the year, a strengthening U.S. economy and weaker Canadian dollar should provide a greater boost to exports and business conditions for manufacturers.”
(Market News Provided by FXstreet)