Canada: Ivey PMI jumps to multi-year high in April
In April, the Ivey Purchasing Managers Index (PMI), prepared by the Richard Ivey School of Business, jumped 11.7 points to a multi-year high 71.5 points. April’s unprecedented gains pushed the seasonally-adjusted index further 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 told a different story in April. Most notably, the prices index climbed significantly. On the other hand, inventories fell in the month, as did supplier delivery times. Meanwhile, the employment index ticked lower in the month—contrasting Statistic Canada’s unremarkable jobs report for April, which showed the unemployment rate stable at 5.8%.