Manufacturing activity in this country moved closer to stabilization in January, following a survey-record low at the end of 2015. Information released Monday morning by Canada's largest bank showed that the seasonally-adjusted RBC Canadian Manufacturing Purchasing Managers' Index registered 49.3 last month.
Measured overall, the bank says, business conditions deteriorated to the lowest degree for five months, reflecting softer falls in output, new business and employment.
One bright spot the survey found was a solid rebound in export sales, which helped offset some of the downturn in domestic demand. A number of manufacturers noted that the weaker loonie had contributed to rising new business wins from U.S. clients.
RBC says the PMI recovered from December’s survey-record low of 47.5, but remained below the neutral 50.0 threshold for the sixth consecutive month. The current period of decline is the longest since the survey began in late-2010, although the latest reading was the highest since last August.
