Canadian manufacturing PMI growth eases in June

Tue Jul 2, 2013 9:29am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* PMI falls to 52.4 in June from 53.2 in May

* Export activity supports, helped by orders in Europe

By John Tilak

TORONTO, July 2 (Reuters) - Canada's manufacturing growth slowed in June, pulling back from a sharp gain in May, suggesting that sluggish global demand is still weighing on the country's export-oriented economy.

The RBC Canadian Manufacturing Purchasing Managers' Index retreated to 52.4 in June, after adjusting for seasonal variation, from 53.2 in May. Despite the decline, the reading was the second highest since September.

A reading above 50 shows growth in the sector.

The index was supported by expansion of output and new orders, even though the pace of growth for both slowed from May.

"Canada's manufacturing sector continued to expand in June - a sign that the slowdown earlier this year was in fact a temporary blip," Craig Wright, chief economist at RBC, said in a statement.

"Moving into the second half of 2013, an anticipated strengthening in international demand will help the sector shake off its relatively lackluster performance it has recorded over the past year."   Continued...