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Canada's PMI Falls to 48.4 Amid Trade Tensions

12/3/2025

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Summary

Story summary

The Purchasing Managers' Index for Canada fell to 48.4 in November, signaling contraction.
Trade tensions with the United States weigh on orders and hiring ahead of the 2026 USMCA review.
The output index dropped to 48.0 and new orders to 47.4, signaling weaker production.
Employment declined as firms tightened budgets, risking reduced competitiveness in autos and machinery.
The report calls for stable trade rules to support long-term growth.

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Story summary

The Purchasing Managers' Index for Canada fell to 48.4 in November, signaling contraction.
Trade tensions with the United States weigh on orders and hiring ahead of the 2026 USMCA review.
The output index dropped to 48.0 and new orders to 47.4, signaling weaker production.
Employment declined as firms tightened budgets, risking reduced competitiveness in autos and machinery.
The report calls for stable trade rules to support long-term growth.