The S&P Global Canada Manufacturing PMI fell to 48.4 in November from October’s 49.6, signalling a modest deterioration and extending the sector’s contraction for a tenth straight month. Output and new orders both declined at quicker rates, with production and new work contracting as market uncertainty and subdued demand weighed on activity and new export orders falling for a tenth successive month. Tariffs and volatile trade policies remained a key constraint, hitting export sales and contributing to subdued purchasing. Employment registered a modest fall as firms typically chose not to replace leavers, with workforce numbers down for the tenth successive month. Input cost inflation eased to its weakest level in over a year, and selling charge inflation similarly softened. Looking ahead, confidence remained positive but historically subdued as unpredictable trade policy continued to cloud the outlook.