TORONTO – A monthly gauge of the Canadian manufacturing sector hit an 11-month high in October.
The RBC Canadian PMI rose to 55.3 last month, up from 53.5 in September and matching a high point set in November last year.
A measure above 50.0 indicates the manufacturing sector is expanding.
Four of the five major subgroups within the index were up in October. The one exception was the employment sub-index, which slipped to 53.6 from 53.8.
RBC says the Canadian manufacturing sector is being is supported by a combination of stronger demand in the United States and a weaker Canadian dollar.
The index, published the Royal Bank in association with the Supply Chain Management Association and financial information services company Markit, is based on a questionnaire sent to purchasing executives at more than 400 industrial companies.
It tracks, new orders, output, employment, suppliers’ delivery times and stock of items purchased.
