Canadian manufacturing index indicates slower pace of growth for sector: RBC
TORONTO - Growth in the Canadian manufacturing sector continued, but slowed in January, according to the Royal Bank's latest monthly purchasing managers index.
The January RBC PMI reading was 51.7 on a seasonally adjusted basis, down from 53.5 in December.
The index is intended as an indicator of trends in the manufacturing sector. A reading above 50 indicates expansion.
All five of the index components fell in January from December, but the bank noted the decline was smaller than between November and December, when the index dropped two full points.
"Underlying economic conditions â€” such as stronger growth in the U.S. economy and a weaker Canadian dollar â€” remain supportive for the outlook for domestic manufacturing in the period ahead," said Craig Wright, RBC's chief economist.
But the bank said January showed the slowest improvement in business conditions since April 2013. It also indicated production levels grew for the ninth month in a row, but the increase was the smallest since August.
The index is compiled in co-operation with the Supply Chain Management Association and Markit, a financial information company that compiles similar indexes in several countries.
Read more Business News
- Campfire ban liftedCentral Okanagan - 8:58 pm
- National Guard leaves FergusonWorld - 9:21 pm
- 22,322 missing since 2006World - 7:52 pm
- Dog used as lure to kidnapWorld - 7:14 pm
|QHR Technologies Inc||1.21||0.00|
|Anavex Life Sciences||0.26||0.00|
|Copper Mountain Mining||2.88||-0.04|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.215||-0.015|
Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...
Let’s face it; nobody wants to pay for legal services if they do not have to, but if you have been injured in an accident you may have thought about hiring a lawyer to help you navigate your cla...
My screen printing business, like many others, started as a one-man operation. It was located in a small building, not much better than a shack, with a telephone, a big table where I ate lunch and (oc...