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Canadian factory PMI slips to four-month low in May

Canadian manufacturing activity slowed in May, adding to a record-setting period of contraction for the sector, as output and new orders fell at a faster pace and firms reduced their buying activity, data showed on Monday. The S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI) edged down to a seasonally adjusted 49.3 in May from 49.4 in April, marking its lowest level since January. “Firms continue to report subdued market demand, characterised by uncertainty and a general unwillingness to commit to new business,” Paul Smith, economics director at S&P Global Market Intelligence, said in a statement.