TORONTO, Dec 1 (Reuters) - The pace of growth in the Canadian manufacturing sector held steady in November, matching an 11-month high from October, as exports jumped to their highest level in over a year, data showed on Monday.
The RBC Canadian Manufacturing Purchasing Managers’ index (PMI), a measure of manufacturing business conditions, was at a seasonally adjusted 55.3 last month. A reading above 50 shows growth in the sector.
New export orders rose to 54.5, the highest reading for the forward-looking metric since September 2013, from 51.3 in October.
”New export orders recorded a strong jump in the month, pointing to continued support from a stronger U.S. economy and a more competitive Canadian dollar,” Craig Wright, RBC’s chief economist, said in a statement.
The Bank of Canada is eager to see an uptick in exports, which it said in late October could be bolstered by U.S. economic recovery.
Reporting by Alastair Sharp, Editing by Chizu Nomiyama