The RBC Canadian Manufacturing Purchasing Managers Index for April has good news for those worried the economic recovery may once again be slowing.
Canadian manufacturing business conditions in April improved to the greatest extent in 2012 so far, according to the Index, a monthly survey, which offers a comprehensive and early indicator of trends in the Canadian manufacturing sector
The headline RBC PMI -- a composite indicator designed to provide a single-figure snapshot of the health of the manufacturing sector -- signaled a solid improvement in Canadian manufacturing business conditions in April. At 53.3, up from 52.4 in March, the PMI was the highest in four months, but nonetheless remained below the average for the series.
The RBC PMI found that both output and new orders increased in April, with firms generally citing greater client demand. Notably, new export orders grew solidly and at the fastest pace for a year. Canadian manufacturers hired additional staff in April; however job creation was the slowest in three months. The rate of input price inflation was the strongest since last August.
The Index is conducted in association with Markit, a global financial information services company, and the Purchasing Management Association of Canada (PMAC).
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