Canada: PMI falls to lowest level in over five years in January
February 4, 2015
The Ivey Purchasing Managers’ Index (PMI), which is sponsored by the Richard Ivey School of Business and the Purchasing Management Association of Canada, fell a seasonally-adjusted 10.0 points, from December’s 55.4 points to 45.4 points in January. The print marked the lowest level since May 2009 and significantly undershot the 53.4 points expected by the market. As a result, the volatile index fell below the 50-point threshold that indicates expansion in the manufacturing sector.FocusEconomics Consensus Forecast panelists see industrial production expanding 3.3% in 2015, which is down 0.1 percentage points from last month’s forecast. For 2016, the panel expects industrial production growth of 2.8%.