04 September 2012 19:08 [Source: ICIS news]
Toronto-based Royal Bank said that its monthly purchasing managers’ index (PMI) for
Growth in Canadian manufacturing output was unchanged from July but new orders increased, partly reflecting an uptick in new export work, the bank said.
"In contrast to declining manufacturing conditions around the world, particularly in the US, the euro area and China, the Canadian manufacturing sector is continuing to grow, albeit at a moderately slower pace," said Craig Wright, the bank’s chief economist.
"It is encouraging to see that new export orders rebounded and manufacturing firms reported that they continued to hire employees in August,” Wright said.
Royal Bank’s PMI is based on a survey of 400 Canada-based industrial firms. The bank conducts the survey in cooperation with the Purchasing Management Association of Canada (PMAC) and research firm Markit.
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