The growth rate of the manufacturing sector in both Canada and B.C. slowed in May to its lowest point in four months — a result of sluggish growth across the globe, according to the Royal Bank of Canada (RBC).
The RBC report released June 2 shows the Canadian manufacturing Purchasing Managers' Index (PMI) slipped from 52.9 in April to 52.2 in May, a level not seen since January.
The PMI tracks trends in the Canadian manufacturing sectors and sets 50 as a neutral mark. Anything above that level indicates growth, while a number below indicates contraction.
The index has averaged 53.3 since the survey began in late 2010.
“May data also indicated only a marginal pace of new export order growth,” the report stated.
“The latest increase in new business from abroad was the slowest since the current period of expansion began in April 2013.”
The rate of growth in B.C. and Alberta, which are paired together in the survey, was at a level of 51.8, down from 53 in April and 52 in January.
