Canada: PMI inches down in March
April 5, 2012
The Ivey Purchasing Managers Index (PMI), which is sponsored by the Richard Ivey School of Business and the Purchasing Management Association of Canada, inched down from 66.0 points in February to 65.0 points in March. The reading contrasted market expectations that had the PMI edging up to 67.0 points. Nevertheless, the PMI remained above the 50-point threshold for an eighth consecutive month, which suggests that the manufacturing sector continues to expand. On a seasonally adjusted basis, the Ivey PMI fell from 66.5 points in February to 63.5 points in March. The deterioration over the previous month was broad-based, as it reflected a decrease in all five sub-components of the index, with the inventories and the prices categories recording the biggest declines.