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Thursday, October 21, 2021

Canada sees strong growth in factory activity despite supply shock

TORONTO – Canada’s manufacturing activity rose at a pace in September that changed slightly from the previous month’s strong levels, while the push for global supply helped push inflation measurements to record highs, data showed on Friday.

The IHS Markets Canada Manufacturing Purchasing Managers’ Index (PMI) fell to 57.0 in September, which was 57.2 in August, but did not exceed the March record-setting pace of 58.5.

It was the 15th month that PMI growth in this sector was above 50 quarters.

Shreya Patel, an economist at IHS Markets, said in a statement: “Canada’s manufacturing sector recorded another healthy improvement in operating conditions in September, although infection rates in the major provinces increased.”

Canada continues to fight a delta-driven fourth wave of coronavirus infection, while global epidemic limitations have hampered it.

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“Material shortages lead to high prices, shipping delays and an increase in unfinished work at a later time,” Patel said. “Evidence suggests that companies tried to remove their backlogs but the lack of skilled staff hampered productivity.”

Outstanding business savings measure matched the series high from June 2018, rising to 55.6 from 56.6 in August, while the input price and output price index rose to record highs.

Still, firms were optimistic about growth prospects, with future output indices rising to their highest level since May 2019.

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This News Originally From – The Epoch Times

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