ENP Newswire -
Release date- 02092014 - August data pointed to a robust upturn in the performance of the Canadian manufacturing sector, according to the RBC Canadian Manufacturing Purchasing Managers' Index (RBC PMI), with overall business conditions improving at the fastest pace since
A monthly survey, conducted in association with
Adjusted for seasonal influences, the headline RBC Canadian Manufacturing PMI registered 54.8 in August, up from 54.3 in July and comfortably above the neutral 50.0 value. The latest reading was the highest for nine months and indicated a robust improvement in overall operating conditions across the manufacturing sector. Output and new business growth both accelerated during August, while job creation picked up markedly to its strongest for 11 months. Meanwhile, cost pressures subsided to their weakest so far this year, which contributed to a further moderation in factory gate price inflation during the latest survey period.
'The momentum in
The headline RBC PMI reflects changes in output, new orders, employment, inventories and supplier delivery times.
Key findings from the August survey include:
RBC Manufacturing PMI hits nine-month high
Sharpest rises in output and new orders since
Job creation strongest for almost a year
Canadian manufacturers signalled a robust and accelerated expansion of production levels in August, thereby extending the current period of growth to 16 consecutive months. Moreover, the latest increase in output levels was the fastest since last November.
A strong pace of new order growth helped support rising production volumes during August, with the latest increase in new work being the steepest since
A sustained improvement in new business inflows continued to encourage job creation across the manufacturing sector in August. The latest survey highlighted that employment numbers rose for the seventh month in a row, and at the strongest rate since
Greater production schedules resulted in a robust expansion of input buying within the manufacturing sector during August. Pre-production stocks were accumulated for the first time in four months, while finished goods inventories were depleted at a marginal pace. Strong demand for raw materials contributed to a further lengthening of suppliers' delivery times in August.
August data provided positive news on the inflation front, with average input prices increasing at the slowest pace since
Regional highlights include:
Manufacturing employment numbers continued to increase in all four regions
New export order gains were strongest in
Input cost inflation eased in all four regions during August
'August's survey provides an upbeat assessment of the Canadian manufacturing sector' said
The report is available at www.rbc.com/newsroom/pmi.
For further information, please contact:
Telephone +001-416-542-9120 Email firstname.lastname@example.org
Notes to Editors:
The RBC Canadian Manufacturing PMI Report is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 industrial companies. The panel is stratified geographically and by Standard Industrial Classification (SIC) group, based on industry contribution to Canadian GDP.
Survey responses reflect the change, if any, in the current month compared to the previous month based on data collected mid-month. For each of the indicators the 'Report' shows the percentage reporting each response, the net difference between the number of higher/better responses and lower/worse responses, and the 'diffusion' index. This index is the sum of the positive responses plus a half of those responding 'the same'.
Diffusion indexes have the properties of leading indicators and are convenient summary measures showing the prevailing direction of change. An index reading above 50 indicates an overall increase in that variable, below 50 an overall decrease.
The RBC Canadian Manufacturing Purchasing Managers' Index (RBC PMI) is a composite index based on five of the individual indexes with the following weights: New Orders - 0.3, Output - 0.25, Employment - 0.2, Suppliers' Delivery Times - 0.15, Stock of Items Purchased - 0.1, with the Delivery Times Index inverted so that it moves in a comparable direction.
The Purchasing Managers' Index (PMI) survey methodology has developed an outstanding reputation for providing the most up-to-date possible indication of what is really happening in the private sector economy by tracking variables such as sales, employment, inventories and prices. The indices are widely used by businesses, governments and economic analysts in financial institutions to help better understand business conditions and guide corporate and investment strategy. In particular, central banks in many countries (including the
RBC supports a broad range of community initiatives through donations, sponsorships and employee volunteer activities. In 2013, we contributed more than
As the leading and largest association in
With nearly 8000 members working across the private and public sectors, SCMA is the principal source of supply chain training, education and professional development in the country. Through its 10
SCMA was formed in 2013 through the amalgamation of the
Purchasing Managers' Index (PMI) surveys are now available for 32 countries and also for key regions including the Eurozone. They are the most closely-watched business surveys in the world, favoured by central banks, financial markets and business decision makers for their ability to provide up-to-date, accurate and often unique monthly indicators of economic trends. To learn more go to markit.com/economics.
The intellectual property rights to the RBC Canadian Manufacturing PMI provided herein are owned by or licensed to
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