Canada: PMI rises to highest level in more than a year
June 6, 2013
The Ivey Purchasing Managers Index (PMI), which is sponsored by the Richard Ivey School of Business and the Purchasing Management Association of Canada, increased a seasonally adjusted 10.9 points to 63.1 points in May. The figure exceeded market expectations that had the PMI edging up to 56.0 points and represented the highest reading observed in 14 months.
Consequently, the PMI remains above the 50-point threshold, which indicates that the manufacturing sector is expanding. Moreover, at the current level, the PMI index is 2.6 points above the level observed in the same month last year.
FocusEconomics Consensus Forecast panellists see industrial production expanding 1.6% in 2013, which is up 0.4 percentage points from last month's forecast. For 2014, the panel sees industrial production growing 2.6%.