FX.co ★ Canada’s Manufacturing Expansion Cools as S&P Global PMI Eases to 51.5 in September

Canada’s manufacturing sector lost some momentum in September, with the S&P Global Manufacturing PMI easing to 51.5 from 53.0 in August 2026, according to data updated on 1 October 2026.

While the latest reading remains above the 50.0 threshold that separates expansion from contraction, the decline suggests a slower pace of growth in factory activity compared with the previous month. The moderation from August’s 53.0 print indicates that conditions are still improving overall, but at a more subdued rate as the third quarter draws to a close.

The September 2026 figures will be closely watched by investors and policymakers for signs of whether this cooling is a temporary pause or the beginning of a more prolonged easing in Canada’s manufacturing recovery.