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Manufacturing index posts growth for first time in six months, according to BMO Capital Markets data

Author: mohib


Manufacturing index posts growth for first time in six months, according to BMO Capital Markets data.?????

The BMO Capital Markets Industrial Purchasing Managers Index posted its best three-month performance since November, rising 2.1 per cent to 3,037.31. The index topped the 500 mark for the first time for five months.

The manufacturing index, which tracks spending and spending related to consumer spending, was steady at 2,852.16 after sliding below 2,813.43 in March.

The PMI report was dominated by the housing market, which was the best performing sector last month and posted its fastest three-month gain since November.

On the manufacturing front, the Canada-U.S. dollar strengthened against a basket of currencies to trade around $1.3450 after rising to about $1.3566 and $1.3550. The U.S. index hit a three-month high of $1.3571 and the basket also touched a two-month high of $1.3457.

BMO economist Robert Hall, who has been predicting that the Canadian economy would be???? ??????? the strongest it has been in years this quarter, said it was not the end for the weak economy.

The unemployment rate held steady at 7.7 per cent but was 5.3 percentage points higher ?? ??than its March reading.

BMO economist Jason Mercer says the housing market is likely to see a rebound in Q1 due to higher prices for new construction.

Moody’s Investors Service reported Monday that a rebound in activity from oil industry sources was driven by continued gains in U.S. crude prices, which fell last week to near US$60 per barrel.

The Canadian dollar jumped and was trading at US$1.3765, up $1.01. The greenback beat the U.S. dollar for the first time since October and climbed to its highest level since the year-earlier of November 2012.

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