Canadian factory downturn deepens as new orders hit 15-month low

The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 47.7 in November from 48.6 in October.

A reading below 50 indicates contraction in the sector. The PMI has been below that threshold since May, which is the longest such stretch since February 2016.

"Once again, the Canadian manufacturing PMI revealed some of the broad-based challenges facing the economy heading towards the end of the year," Paul Smith, economics director at S&P Global Market Intelligence, said in a statement.

"Output and new orders remain mired in contraction territory, linked in part to a broader-based global industrial weakness which is limiting demand and sales. Destocking remains prevalent across the supply chain, and client budgets are stretched."