Factory activity motors to 2-year high in September

Canadian manufacturing activity expanded in September at its fastest pace in more than two years as easing of COVID-19 restrictions helped boost demand from both domestic and export markets, data showed on Thursday. The IHS Markit Canada Manufacturing Purchasing Managers’ index ( PMI) rose to a seasonally adjusted 56.0 in September, its highest level since August 2018, from 55.1 in the prior month. A reading above 50 indicates expansion in the sector. It was the fifthstraight month the index has climbed. It bottomed at a record low of 33.0 in April. “Overall, the health of the Canadian manufacturing sector continued to strengthen in September, as has been the case throughout the third quarter,” Shreeya Patel, an economist at IHS Markit, said in a statement.