标准普尔全球加拿大制造业采购经理人指数从上个月的46.3降至2025年4月的45.3，这表明工厂活动连续第三次恶化，是自2020年5月以来的最低水平，受到产出和新订单急剧收缩的压力。企业指出，关税和美国贸易政策的不可预测性严重影响了需求，导致生产和新工作以新冠肺炎疫情最严重以来的最高速度下降，并导致新出口订单出现五年来最大幅度下降。随着工作量的减少，制造商连续第三个月裁员，积压订单以2020年5月以来的最快速度减少，促使采购活动和库存减少。在价格方面，投入成本通胀仍处于历史高位，鼓励企业提高产出费用。信心虽然仍然低迷，但反弹至三个月高点，因为一些公司希望来年环境更加稳定。

The S&P Global Canada Manufacturing PMI fell to 45.3 in April of 2025 from 46.3 in the previous month, pointing to a third successive deterioration in factory activity and its lowest reading since May 2020, pressured by steep contractions in both output and new orders. Firms noted that tariffs and the unpredictable nature of US trade policy weighed heavily on demand, driving production and new work down at rates not seen since the height of the COVID-19 pandemic and sending new export orders into their sharpest five-year decline. With workloads reduced, manufacturers cut staffing for a third month running and saw backlogs shrink at the fastest pace since May 2020, prompting cuts to purchasing activity and inventories. On the price front, input cost inflation remained historically elevated, encouraging companies to raise output charges. Confidence, though still subdued, rebounded to a three-month high as some firms hoped for a more stable environment over the coming year.