Canada: Ivey PMI dips in July
In July, the Ivey Purchasing Managers Index (PMI), prepared by the Richard Ivey School of Business, ticked down 1.3 points to land at 61.8 points. July’s reading, which missed analysts’ expectations of a 64.2-point outturn, was still elevated by recent historical standards. Furthermore, the seasonally-adjusted index remained comfortably above the 50-point threshold that separates expansion from contraction in purchasing activity at Canadian firms.
Along with the PMI, Ivey produces four other business-related indices, and their readings outlined a slower expansion in July. Most notably, all but the inventories index fell. Meanwhile, the employment index dipped—contrasting Statistics Canada’s strong jobs report for July, which saw the unemployment rate tick back down to 5.8%.