Canada: Ivey PMI steady in August
In July, the Ivey Purchasing Managers Index (PMI), prepared by the Richard Ivey School of Business, held broadly stable, edging up marginally to 61.9 points (July: 61.8 points). August’s reading, which beat analysts’ expectations of a 61.4-point outturn, was 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 were mixed in August. Most notably, the employment index jumped—contrasting Statistics Canada’s weak jobs report for August, which saw the unemployment rate tick up to 6.0% from 5.8%. Meanwhile, in line with higher inflation in recent months, the prices index also rose.