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Canada factory PMI falls to six-month low in September on trade frictions
Canada's manufacturing sector expanded at its slowest pace in six months in September as trade frictions and energy costs weighed on activity, S&P Global data showed.
Why it matters
The index stayed above the 50 line that separates expansion from contraction for a sixth straight month, but every key component softened. With new orders in contraction and cost inflation at a four-year high, the Bank of Canada faces a stagflationary mix as it sets policy.
Full report
The S&P Global Canada Manufacturing Purchasing Managers' Index fell to 51.5 in September from 53.0 in August, the lowest reading since March. A reading above 50 indicates expansion.
The output index dipped to 50.8 from 52.8 in August, while the new orders measure slipped below 50 for the first time since March. New export orders declined for a fourth consecutive month as U.S. clients pulled back amid rising trade frictions.
The future output index fell to 54.6 from 58.7, its lowest level since December 2025, while delivery delays were the most widespread since August 2022 and input cost inflation reached 71.1 — its highest since July 2022.
“Tariffs and elevated global energy prices due to the war in Iran continued to have a damaging impact on the sector,” said Paul Smith, economics director at S&P Global Market Intelligence.
Separately, a U.S. import ban on many Canadian alcoholic beverages, motorcycles and dairy products took effect on Tuesday after trade talks involving President Donald Trump and Prime Minister Mark Carney broke down in August.
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