Toronto, Ontario — As the omicron wave of COVID-19 begins to subside and public health measures are lifted across many provinces and regions, some new industry data is showing that production for manufacturing is trending upward.
Reaching its highest level since November of last year, the IHS Markit Canada Manufacturing Purchasing Managers’ Index (PMI) rose to a seasonally adjusted 56.6 in February from 56.2 in January. Any reading above 50 represents growth.
“Growth was underpinned by a quicker expansion in output, following sharp uplifts to headcounts and supportive domestic demand conditions,” said IHS economist Shreeya Patel, in a statement.
The output index rose to 53.2 from 51.5 in January, while the measure of employment was at 54.6, up from 53.2.
“For now, businesses in Canada are coping with external pressures, but issues surrounding rising costs and supply are likely to persist for the duration of the year,” said Patel.