Canada manufacturing PMI strongest level in nearly a year

Mon Jun 3, 2013 9:30am EDT
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* PMI rises to 53.2 in May from 50.1 in April

* New orders, output growth strongest in 11 months

* Quebec firms posts strongest increase in new export orders; BC, Alberta weak

By Solarina Ho

TORONTO, June 3 (Reuters) - Canada's manufacturing growth expanded at its fastest pace in nearly a year in May, according to data released on Monday, underpinned by new orders which pushed output back into growth mode for the first time in three months.

The RBC Canadian Manufacturing Purchasing Managers' Index was up sharply at 53.2 in May after adjusting for seasonal variation, rising from 50.1 in April.

A reading above 50 indicates an expansion in growth.

"The Canadian manufacturing sector perked up considerably in May, thanks to renewed vitality in new orders and job creation," said Craig Wright, chief economist at RBC, in a statement.

"As we navigate through the remainder of 2013, we expect the sector's performance to improve further, boosting Canadian growth."   Continued...