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Canadian manufacturers signalled another slowdown in growth momentum during September, with production volumes expanding at the weakest pace for seven months. The latest survey also pointed to a renewed decline in overall new business volumes, partly driven by a sharper drop in export sales. Subdued demand conditions contributed a slight fall in employment numbers and a greater degree of inventory drawdown in September.
At 50.3 in September, down from 51.1 in August, the Markit Canada Manufacturing Purchasing Managers' Index™ (PMI™) pointed to only a marginal improvement in overall business conditions and the slowest pace of recovery since the upturn began in March. Lower new order volumes and reduced payroll numbers were the main negative influences on the headline index, alongside the sharpest drop in pre-production inventories since the start of 2016.
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