Canada: PMI falls from January's multi-year high in February
March 4, 2016
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 sizable seasonally-adjusted 12.6 points, down from 66.0 in January to 53.4 in February. The decrease puts February’s reading below market expectations of a 59.0 reading. Despite the decrease, the volatile index is still 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 from last month’s forecast. For 2017, the panel expects industrial production growth of 3.0%.
Author: Robert Hill, Economist