Canada: PMI slips in April
May 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, decreased a seasonally adjusted 9.4 points to 52.2 points in April. The deterioration exceeded market expectations that had the PMI falling only to 58.0 points.
Despite the monthly deterioration, 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 0.5 points below the level observed in the same month last year.
FocusEconomics Consensus Forecast panellists see industrial production expanding 1.2% in 2013, which is unchanged from last month's forecast. For 2014, the panel sees industrial production growing 2.6%.