Manufacturing Industry In Canada Increases

Based on data disclosed last Tuesday, Canada’s manufacturing seems to be doing well as it continuously grows higher and higher in the last month. The growth came about due to the latest orders and most of all the increase in output due to those orders.

The RBC Canadian Manufacturing Purchasing Manager’ Index (PMI) which is used to measure how well the manufacturing business is faring was not doing so well in June as there was no adjustment whatsoever, apart from the change of index from 51.8 to 51.9.

A compilation of the monthly survey was done courtesy of the Royal Bank of Canada by a senior economist at Markit, Tim Moore who said that “Greater demand from domestic sources helped to offset slower export sales in July, especially for manufacturers of consumer goods.”

The index figure for the latest order from outside the country took a slide down to 48.4, which is below the 50 benchmark that indicates development and in the last month went down from 50.2. Those who collected the data concluded that unresponsive demand from other countries like Asia contributed to the slowdown in the export sector. To revive the economy and ensure it shoots off again, the Bank of Canada is depending on non-energy trades, even though they are going through a lot of downfalls in the past months.