OTTAWA, (Reuters) - - The pace of growth in the Canadian manufacturing sector edged up in October, but the overall level remained modest as it was held back by weak new orders for exports, data showed on Tuesday.
The RBC Canadian Manufacturing Purchasing Managers’ Index (PMI), a measure of business conditions, rose to a seasonally adjusted 51.1 in October from 50.3 in September. A reading above 50 indicates growth in the sector.
The figures showed there was a lack of growth momentum across the manufacturing sector at the start of the fourth quarter, said Tim Moore, senior economist at survey compiler IHS Markit.
The Canadian economy has struggled since it was hit by a drop in oil prices last year.
A measures of new orders climbed out of contraction territory, rising to 50.4. New export orders remained soft, though the pace of contraction moderated.
Reporting by Leah Schnurr, Editing by Meredith Mazzilli