Canada PMI June 2017

Canada

Canada: PMI jumps in June as manufacturing sector recovers ground lost in May

July 7, 2017

The manufacturing sector seemed back on-track in June following a weak performance in May. In June, the Ivey Purchasing Managers Index (PMI), prepared by the Richard Ivey School of Business, jumped by a seasonally-adjusted 7.8 points from a month earlier to arrive at 61.6. June’s reading was the second-highest in a year and a half—behind only April’s print—and came in well above analysts’ expectations of a more moderate 4.0 point increase. With June’s result, the index climbed further away from the 50-point threshold that distinguishes expansion in the manufacturing sector.

Ivey releases four additional manufacturing-related monthly indices, along with PMI, and these experienced broad-based improvement in June. Notably, the prices index recovered from May’s substantial fall, while the inventories index climbed again as stocks accumulated. Meanwhile, the employment and supplier deliveries indices posted more moderate gains, although the latter still remained in contractionary territory.

FocusEconomics Consensus Forecast panelists expect 3.4% growth in industrial production in 2017, which is unchanged from last month’s forecast. For 2018, the panel expects industrial production growth to edge down to 1.6%.


Author:, Economist

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Canada PMI June 2017

Note: Ivey Purchasing Managers’ Index. A reading above 50 points indicates an expansion in the manufacturing sector while a value below 50 points indicates a contraction.
Source: Richard Ivey School of Business and the Purchasing Management Association of Canada.


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