Canada: PMI drops in July
August 6, 2013
The Ivey Purchasing Managers Index (PMI), which is sponsored by the Richard Ivey School of Business and the Purchasing Management Association of Canada, decreased a seasonally adjusted 6.9 points to 48.8 points in July. The figure contrasted market expectations that the PMI would rise to 57 points.
As a result of the deterioration, the PMI rests below the 50-point threshold indicating a contraction in the manufacturing sector for the first time since November 2012.
FocusEconomics Consensus Forecast panellists see industrial production expanding 1.8% in 2013, which is up 0.2 percentage points from last month's forecast. For 2014, the panel expects industrial production growing 2.6%.