Canadian manufacturing growth improves in September

Reuters

Although the survey showed that manufacturing grew for the 14th successive month, the reading undershot economists' forecasts of 56.4, according to an advance poll by Reuters.

The latest survey paints a mixed picture of the... "How will both cost and currency challenges affect lead times and production capacity?"

"Order book gains continued to underwhelm relative to the historical trend - even as exports returned to growth - which weighed on hiring".

Financial information firm IHS Markit Ltd. said its purchasing managers index for the manufacturing industry, fell to 55.9 in September from the revised reading of 56.7 a month earlier.

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Manufacturers also used inventories to help fulfill new orders in September.

Stocks of finished goods declined for the sixth consecutive month during September, with panellists reporting efforts to streamline inventories. The increase in input costs was the strongest since May 2011. Both input and output costs are rising at a greater rate ad this has again increased vendor lead times to the longest for nearly six and a half years. That said, the rate of inflation slowed to the weakest since May and was modest.

Higher new orders, and a subsequent rise in production requirements, encouraged firms to increase their purchasing activity at the end of the third quarter.

Suppliers' delivery times continued to lengthen, albeit to the least extent in the current eight-month sequence of longer lead times. Planned overseas expansion is contributing to a positive outlook for the sector, as manufacturers look to increase their global client bases, expand into new territories and invest in new products and greater efficiency, both at home and abroad. "Manufacturers are, therefore, well placed to record further growth during the final quarter", said Andrew Harker, associate director at IHS Markit. "With the upturn being accompanied by rising inflationary pressures, expectations of an imminent announcement from the European Central Bank in relation to tapering of policy stimulus will intensify". "Cost inflation was the strongest in over six years amid pressure on the supply of raw materials", he added.

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