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Index says Canadian manufacturers busier in July

Published by Steve Coleman on August 04, 2011

A snapshot of new orders for Canadian manufacturers painted a pretty picture for July.

The RBC Canadian Manufacturing Purchasing Managers IndexTM says the sector stayed above stagnant 10th-straight month by the end of July.

The survey, conducted in association with Markit, said growth was faster in July than the previous June, but actual production only grew modestly. Meanwhile, lower inflation dropped commodity prices for manufacturers.

Numbers for July put the index at 53.1, up from 52.8 in June. The composite index uses 50.0 to indicate no growth.

"The uptick in the New Orders Index that indicated a solid rate of expansion, coupled with improved business conditions across the country, bode well for Canada's manufacturing sector overall," Paul Ferley, Assistant Chief Economist, RBC said in a statement. "However, modest gains in production and the soaring loonie may offset some of the momentum in the sector as we move into the second half of the year."

The survey also tracks changes to output, new orders, employment, inventories, prices and supplier delivery times.

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