Canada manufacturing growth cools modestly in May

A builder stands by
Reuters Darren Staples
Author

09 June, 2017

Companies wanted extra staff to handle new orders and increase capacity, Markit said, as backlogs of work lengthened by the most in six years.

The May result was slightly lower than a preliminary reading of 54.0 but remained comfortably above the 50-point line.

As the bloc's economic performance improves, the European Central Bank is likely to signal a move away from its ultra-easy monetary policy by September, economists in a Reuters poll forecast last month.

Manufacturing activity in the United Kingdom decreased less than expected in May, easing concern over the British economy, industry data showed on Thursday.

Despite sterling's prolonged weakness, input prices for construction firms rose at the slowest pace for seven months. Anything above 50 signals that activity levels are improving while a reading below suggests they're deteriorating.

IHS Markit said that costs for raw materials and finished goods also fell, cementing the view that the recent lift in producer price inflation is now well and truly over.

Screen Shot 2017 06 02
Here is the chart:IHS Markit

New business rose at a faster pace, and while new export orders slowed, the rate of growth still remained substantial, according to the latest Purchasing Managers Index for the sector.

That was less than economists' forecast of 50.1 and extends a streak of declines to three months.

Investec Ireland chief economist Philip O'Sullivan said the Irish economy appeared to be enjoying the benefit of an improving worldwide backdrop, with his bank forecasting the world economy will grow 3.9 percent next year, its highest growth rate since 2011.

Factory job creation was especially strong, with the index rising to 56.2, the highest since May 1998, from 55.6 a month earlier.

"The rise in the PMI reflected stronger growth of output, new orders and employment, as well as longer suppliers' delivery times", it added.

The seasonally-adjusted headline NEVI PMI stood at 57.6, in May, just off April's 57.8. The April expansion of the index was the first in two years.

Crosby scores, Malkin shoots yet Penguins lose 4-1 to Preds
With 3:23 left, Nashville sealed the victory with Filip Forsberg's empty-net goal, as "Rocky Top" played in Bridgestone Arena. Still, people filled three blocks of Broadway, even with Nashville opening up a downtown amphitheater for fans to watch.

Trump waives law requiring US move its embassy to Jerusalem
He has approved a waiver to defer relocating the embassy, as his predecessors have done every six months since 1995. Israel captured the area from Jordan in the 1967 Mideast war and claims all the city as its eternal capital.

Mr Met gives fan the finger, employee done with mascot duty
Mets has been around for more than five decades, long popular with Mets fans for his oversized head with baseball seams. Met has only four fingers , so this particular obscene gesture is literally impossible for the beloved mascot.


More news


  • Apple to showcase new features for its gadgets

    Apple always kicks off WWDC by having Cook and his executive team run through a high-level overview of Apple's announcements. For one, the Safari browser has "intelligent tracking protection", as well as autoplay media blocking in the browser.
    Highlights of the NDP-Green deal in British Columbia

    Highlights of the NDP-Green deal in British Columbia

    Yesterday, the Greens and NDP announced they planned of collaborating to form a majority in the BC Legislature. Clark will be speaking at 1:30 p.m. on Tuesday to the NDP-Green agreement aimed at replacing her government.
    Brazil exits recession with fastest growth rate since 2013

    Brazil exits recession with fastest growth rate since 2013

    By comparison, unemployment in April past year was 11.2 percent, while back in December 2013 only 6.2 percent were unemployed. Gross domestic product grew 1 percent from the fourth quarter of 2016, when the economy shrank 0.5 percent.
  • Cavs ignore last year's comeback after another 0-2 hole

    Dominating like no team ever has in the postseason, the Warriors look capable of anything - except another NBA Finals collapse. Durant led the Warriors with 33 points, five blocks and 13 rebounds , and he hit four of his eight 3-point attempts.

    Warriors' Steve Kerr returns to the bench to coach Game 2

    Looking back on it now, Green told ESPN's Tom Rinaldi that he accepts responsibility for the team blowing a 3-1 lead to Cleveland. Kerr had gradually increased his participation over the past two weeks, and was regularly attending practices and games.
    Drugmaker rejects lawsuit over opiate sales

    Drugmaker rejects lawsuit over opiate sales

    People who take prescription painkillers can get addicted, and some turn to drugs like heroin when their prescriptions run out. Joe Schiavoni of Boardman sent DeWine a letter asking him to seek damages to pay for addiction treatment.
  • Ronaldo scores twice as Real Madrid win Champions League title

    Ronaldo scores twice as Real Madrid win Champions League title

    Ronaldo delivered the fatal blow three minutes later, tucking the ball just inside the post with a major assist from Modric. All we can keep doing is keep working hard and hopefully there will be more to come."I think we can get better".

    Trump Marks Memorial Day with Arlington Visit

    The president then climbed the steps above the tomb to the cemetery's marble amphitheater, where he delivered his address. Before speaking to a crowd at the Arlington National Cemetery , the president sang along to the National Anthem.
    Portland police: Homeless man took bag off train

    Portland police: Homeless man took bag off train

    The 51-year-old man will be arraigned Monday on charges of theft, tampering with physical evidence and abuse of a corpse. Police have released surveillance video of the suspect, who can be seen walking off the train carrying a backpack.
  • Canada FM says Canada must do more as US leadership wanes

    Canada FM says Canada must do more as US leadership wanes

    Europe is on its own , she said during a campaign rally a few days later, leaving the world scrambling to figure out exactly what she meant as she drank a beer.
    Ravens sign CB Brandon Boykin and cut Kyle Arrington

    Ravens sign CB Brandon Boykin and cut Kyle Arrington

    Most recently Shabazz was in Pittsburgh where he spent most of last season, though Shabazz also played in Houston last season. He signed a three-year deal with the Ravens in 2015 but was released Monday after failing a physical.
    Chelsea's Abraham close to Newcastle loan move

    Chelsea's Abraham close to Newcastle loan move

    Chelsea do see the England Under-21 global as a future star, but can't give him enough game time at Stamford Bridge next season. The Blues failed to agree a new contract with Dominic Solanke who is expected to join Liverpool in the summer transfer window.