Canadian factory activity increases at fastest rate in a year [Reuters]
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Source: Reuters
Canadian factory activity increases at fastest rate in a year TORONTO, March 2 (Reuters) - Canadian manufacturing activity expanded in February at the quickest pace in a year, data showed on Monday, which could provide some reassurance to the Bank of Canada on the outlook for the economy ahead of an interest rate decision this week. The IHS Markit Canada Manufacturing Purchasing Managers’ index (PMI), a measure of manufacturing business conditions, rose to a seasonally adjusted 51.8 in February, its highest since February, 2019, from 50.6 in January. It was the sixth straight month that the index was above the 50 threshold, showing expansion in the sector. “February data suggested a modest improvement in new order growth across the Canadian manufacturing sector, helped by a rise in export sales for the first time in five months,” said Tim Moore, economics associate director at IHS Markit. “The gradual rebound in workloads boosted production volumes and underpinned a slight rebound in
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