Last week RBC announced that its Canadian Manufacturing PMI (Purchasing Managers’ Index) had hit a new low in September. The index, based on a survey of manufacturers, found employment and new business were both falling.
There is considerable debate about whether Canada is in a recession. Behind the debate is a larger one about whether the laissez-faire approach of the current federal government is working or whether Canada needs a modern industrial strategy. The RBC PMI numbers suggest that the current approach is failing.