Canada: Purchasing managers index rebounds in May
June 6, 2011
The Ivey Purchasing Managers Index (PMI) sponsored by the Richard Ivey School of Business and the Purchasing Management Association of Canada soared from 57.7 points in April to 69.1 points in May. The increase was well above market expectations, which saw the PMI rising to only 60.0 points. On a seasonally adjusted basis, the Ivey PMI increased from 57.8 points in April to 65.5 points in May. With the May increase, the PMI climbed up further above the 50-point threshold, suggesting that manufacturing production will continue to expand in the months ahead. The improvement in the index mainly reflected better results in the employment, prices and inventories components. On the other hand, the deliveries component of the index deteriorated over May.