Canada: PMI tumbles into contraction territory in December
January 7, 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 7.4 points to 46.3 points in December. For the first time since August 2013, the PMI is below the 50-point threshold that indicates contraction in the manufacturing sector. The print came in well under the 54.5 points the marked had expected.
FocusEconomics Consensus Forecast panelists see industrial production expanding 1.0% in 2014, which is unchanged from last month's forecast. For 2015, the panel expects industrial production to grow to 2.1%.
Author: Carl Kelly, Economist