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Canadian manufacturing purchasing managers index up in August

The Canadian manufacturing sector improved in August, with increases in both output and new orders, according to a new report. The RBC Canadian Manufacturing Purchasing Managers Index increased to 54.9 from 53.1 in July — the highest reading for the index in four months.

The index is based on questionnaires sent to purchasing executives at more than 400 companies across the country.

The results followed a disappointing report from Statistics Canada that the Canadian economy contracted slightly in the second quarter. (Click here for that story.)

However, economists believe that growth will return in the third quarter and that Canada will not slip back into a recession.