New export orders were a bright spot, expanding for the first time in 14 months, helped by improved demand from the United States, Canada’s biggest export market by far
Output also expanded, rising to 51.1 from 49.7 in June, but employment fell to its lowest level since June 2020 at 48.4, down from 49.4.
The slowdown in factory activity has occurred amid a sharp rise in interest rates – the Bank of Canada raised its policy rate in July to a 22-year high of 5 per cent – and after the economy was buffeted in recent months by Canada’s worst-ever spring wildfire season and a dock workers strike at the country’s busiest ports.
The port strikes and wildfires limited the improvement in vendor performance, S&P Global said. The suppliers’ delivery times index dipped to 50.4 after climbing in June to a survey-record high of 51.8.
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