Canada: PMI moderates to five-month low in May
June 10, 2014
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 5.9 points to 48.2 points in May, which represented the lowest value since December 2013. The print came in well below market analysts’ expectations of an increase to 56.0 points. The drop followed the modest decrease to 54.1 points that was tallied in April. Consequently, the index now sits below the 50-point threshold that indicates expansion in the manufacturing sector.FocusEconomics Consensus Forecast panelists see industrial production expanding 2.8% in 2014, which is up 0.4 percentage points from last month’s forecast. For 2015, the panel expects industrial production growth at 2.8%.