The S&P Global Canada Manufacturing PMI rose to 53.3 in April 2026 from 50.0 in March, marking the strongest improvement in business conditions since June 2022. Production growth reached its highest level since May 2022, while new orders expanded at the fastest pace in over four years, fueled by a sharp increase in new export orders, the strongest since early 2022. This surge was largely driven by client stockpiling due to concerns over product availability, supply chain disruptions, and price pressures linked to the Middle East conflict. Input buying also rose at the steepest rate since June 2022, while employment levels saw a slight increase and vendor delivery times lengthened at the greatest rate since March 2025. On the price front, input costs rose at the fastest pace in over three-and-a-half years, with fuel and freight transportation costs contributing to the upward pressure. Finally, business optimism improved to a 16-month high.

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