{"id":441359,"date":"2026-11-02T22:40:06","date_gmt":"2026-11-02T15:40:06","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/canada-sp-global-manufacturing-pmi-49-6-versus-51-5-last-month-441359\/"},"modified":"2026-11-02T22:40:06","modified_gmt":"2026-11-02T15:40:06","slug":"canada-sp-global-manufacturing-pmi-49-6-versus-51-5-last-month","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/canada-sp-global-manufacturing-pmi-49-6-versus-51-5-last-month-441359\/","title":{"rendered":"Canada S&amp;P global manufacturing PMI 49.6 versus 51.5 last month"},"content":{"rendered":"<div>\n<ul>\n<li>Prior month 51.5\u00a0<\/li>\n<\/ul>\n<p>Details:<\/p>\n<ul>\n<li>\n<p>Manufacturing PMI: 49.6. Prior 51.5. First reading below 50 in 2026 and lowest since December 2025.<\/p>\n<\/li>\n<li>\n<p>Production: First decline since March.<\/p>\n<\/li>\n<li>\n<p>New orders: Steepest contraction in over a year.<\/p>\n<\/li>\n<li>\n<p>Export orders: Fifth consecutive monthly decline, with the sharpest fall since January.<\/p>\n<\/li>\n<li>\n<p>Supplier delivery times: Greatest deterioration since August 2022.<\/p>\n<\/li>\n<li>\n<p>Input costs: Fastest increase since June 2022.<\/p>\n<\/li>\n<li>\n<p>Selling prices: Strongest inflation in over four years.<\/p>\n<\/li>\n<li>\n<p>Employment: First net decline since March.<\/p>\n<\/li>\n<\/ul>\n<p>Canada\u2019s manufacturing sector slipped back into contraction in October, according to S&amp;P Global. The Manufacturing Purchasing Managers\u2019 Index fell to 49.6 from 51.5 in September, with tariffs and geopolitical uncertainty weighing on domestic and international demand.<\/p>\n<p>The weakness was evident in both production and new orders. Manufacturers highlighted disruption to trade with the United States, while delivery delays also constrained output. Backlogs declined solidly for a second consecutive month, and firms reduced employment as departing workers were not replaced.<\/p>\n<p>The inflation picture moved in the opposite direction. Tariffs, higher steel and fuel prices, and rising freight costs pushed input cost inflation to its strongest since June 2022. Manufacturers responded with the largest increases in selling prices in more than four years. Confidence in the outlook remained historically subdued.<\/p>\n<p>Paul Smith, Economics Director at S&amp;P Global Market<br \/>\nIntelligence:<\/p>\n<blockquote><p>\u201cHaving enjoyed an uninterrupted run of solid growth<br \/>\nthroughout 2026 so far, Canada\u2019s manufacturing sector<br \/>\nran out of steam in October, recording a marginal<br \/>\ndeterioration in operating conditions overall. Against a<br \/>\nbackdrop of tariffs and ongoing supply-side disruption,<br \/>\nfirms reported concurrent drops in both output and new<br \/>\norders over the month.<br \/>\nTo add to the broad deterioration in operating<br \/>\nconditions, there was also an intensification of price<br \/>\npressures as input costs and output charges both<br \/>\nrose at rates not seen for over four years, with inflation<br \/>\nunderpinned by tariffs, trade disruptions from the<br \/>\nMiddle East and AI related demand pushing up product<br \/>\nprices.<br \/>\nGiven that these price and supply drivers are unlikely to<br \/>\nbe resolved soon, underwhelming demand and elevated<br \/>\nprice pressures are set to continue for the foreseeable<br \/>\nfuture. No wonder firms therefore remain subdued in<br \/>\ntheir assessment of the outlook, with confidence again<br \/>\nremaining well below trend in October.\u201d<\/p><\/blockquote>\n<p>Quick analysis: This is an uncomfortable mix for the Bank of Canada. Falling orders, declining production and job losses point to weaker activity, but rising costs and selling prices complicate the case for lower rates. The deterioration in demand would normally weigh on the Canadian dollar and put upward pressure on USDCAD. However, persistent inflation could limit expectations for policy easing. The key question is whether manufacturers can continue passing higher costs to customers as demand softens.<\/p>\n<p>What this report measures: The S&amp;P Global Canada Manufacturing Purchasing Managers\u2019 Index is a monthly, seasonally adjusted survey covering orders, output, employment, supplier delivery times and purchased inventories. Readings above 50 signal improving operating conditions, while readings below 50 indicate deterioration. Traders follow its demand and pricing signals for clues about growth, inflation and interest rates.<\/p>\n<\/p>\n<blockquote><\/blockquote>\n<p>                            This article was written by Greg Michalowski at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Prior month 51.5\u00a0 Details: Manufacturing PMI: 49.6. Prior 51.5. First reading below 50 in 2026 and lowest since December 2025. Production: First decline since March. New orders: Steepest contraction in over a&hellip;<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-441359","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/441359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=441359"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/441359\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=441359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=441359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=441359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}