Canadian manufacturing has expanded for consecutive months; May orders surged, mainly driven by panic stockpiling due to war fears.
- On Monday, data showed that Canada's manufacturing sector expanded for the second consecutive month in May. Expectations of price increases and concerns over product shortages triggered by the Middle East conflict likely boosted customer demand.
- The S&P Global Canada Manufacturing Purchasing Managers' Index recorded 52.9 in May, slightly lower than April’s 53.3 but still above the 50 threshold marking expansion. The index has remained at or above the 50 level since January.
- The Economic Director of S&P Global Market Intelligence said that, supported by further growth in output and new orders, Canada’s manufacturing economy showed robust expansion in May. Companies reported a widespread recovery in demand and successfully acquired new customers, though uncertainty caused by Trump’s tariff remarks and the Iran conflict continues to weigh on the product market.
- The sub-index for new orders was 53.9, slightly lower than April’s 55.0; the employment indicator rose to 51.1, the highest since October 2024. The purchasing inventory index increased from April’s 50.7 to 51.3, reaching a new high since August 2024.
- Supply chain vulnerabilities were evident, as companies reported delays in international shipping routes. The supplier delivery time indicator dropped to 44.1, marking the biggest decline since October 2022. Driven by rising fuel prices, both input costs and output costs climbed to their highest levels since July 2022, with the input price index increasing from 64.8 to 66.5, and the output price index rising from 58.1 to 62.0.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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