Canada: PMI plummets in April
May 4, 2012
The Ivey Purchasing Managers Index (PMI), which is sponsored by the Richard Ivey School of Business and the Purchasing Management Association of Canada, fell from 65.0 points in March to 52.2 points in April. The drop exceeded market expectations that had the PMI moderating to 60.8 points and, in fact, represented the steepest decline in the index since July 2011. Nevertheless, the PMI remained above the 50-point threshold for a ninth consecutive month, which suggests that the manufacturing sector continues to expand. On a seasonally adjusted basis, the Ivey PMI fell from 63.5 points in March to 52.7 points in April. The deterioration over the previous month mainly reflected a decrease in the prices as well as employment categories.