The Ivey Purchasing Managers Index (PMI), which is sponsored by the Richard Ivey School of Business and the Purchasing Management Association of Canada, fell a seasonally adjusted 11.5 points to 49.0 points in June. The decline exceeded market expectations that had the PMI moderating to 57.5 points and drove the index to the lowest level seen in almost a year. As a result of the monthly deterioration, the PMI is now below the 50-point threshold for the first time since July 2011, which indicates that the manufacturing sector is contracting. Moreover, at the current level, the PMI index is 10.9 points below the level observed in the same month last year.
PMI falls into contraction territory
July 5, 2012
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Canada PMI Chart
Note: Ivey Purchasing Managers Index. A reading above 50 indicates an expansion in the manufacturing sector while a value below 50 points to a contraction.
Source: Richard Ivey School of Business and the Purchasing Management Association of Canada.
Canada Economic News
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The Teranet-National Bank National Composite House Price index rose 0.7% in September from the previous month, which followed the 1.5% increase in August.
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Seasonally-adjusted annualized housing starts registered 220,600 units in September, according to the government-owned Canada Mortgage and Housing Corporation (CMHC).
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The Ivey Purchasing Managers’ Index (PMI), sponsored by the Richard Ivey School of Business and the Purchasing Management Association of Canada, increased a seasonally-adjusted 6.1 points in September, rising from 52.3 in August to 58.4.
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In July, GDP grew a strong 0.5% over the previous month in seasonally-adjusted terms.
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