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RBC Canadian Manufacturing PMI™ Slips To Four-month Low In May

Supplier lead-times lengthened again in May, but the latest deterioration in vendor performance was the least marked since January. Manufacturers that reported longer supplier delivery times generally cited low stocks at vendors.

May data signalled a further moderation in input cost inflation from the near three-year high recorded during March. Although still strong, the pace of input price inflation eased to its lowest in four months. Higher cost burdens again contributed to a robust increase in output charges across the manufacturing sector in May.

Regional highlights include:

  • All four regions recorded an overall improvement in business conditions…
  • …but Quebec was the only region to register faster output growth than in April
  • Job creation was also strongest in Quebec
  • Input cost inflation slowed in May across all four regions monitored by the survey

"The manufacturing sector lost some momentum during May, as a moderation in new export growth contributed to the slowest rise in output since last August," said Cheryl Paradowski, president and chief executive officer, SCMA. "That said, the latest survey pointed to resilient job creation at manufacturing companies, suggesting optimism about the longer-term business outlook. Manufacturers also indicated an easing of both supply chain pressures and input cost inflation in May."

The report is available at www.rbc.com/newsroom/pmi.

Notes to Editors: The RBC Canadian Manufacturing PMI™ Report is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 industrial companies. The panel is stratified geographically and by Standard Industrial Classification (SIC) group, based on industry contribution to Canadian GDP.

Survey responses reflect the change, if any, in the current month compared to the previous month based on data collected mid-month. For each of the indicators the 'Report' shows the percentage reporting each response, the net difference between the number of higher/better responses and lower/worse responses, and the 'diffusion' index. This index is the sum of the positive responses plus a half of those responding 'the same'.

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