Canada: PMI climbs drastically in January
February 5, 2016
The Ivey Purchasing Managers’ Index (PMI), which is sponsored by the Richard Ivey School of Business and the Purchasing Management Association of Canada, increased a striking seasonally-adjusted 16.1, up from 49.9 in December to 66.0 in January. The increase puts January’s reading well above market expectations of a 50.0 reading. The volatile index is now back above the 50-threshold that indicates expansion in the manufacturing sector.FocusEconomics Consensus Forecast panelists see industrial production expanding 0.9% in 2016, which is down 1 percentage points from last month’s forecast. For 2017, the panel expects industrial production growth of 3.0%.
Author: Robert Hill, Economist