Canada: Purchasing managers index soars in February
March 4, 2011
The Ivey Purchasing Managers Index (PMI) sponsored by the Richard Ivey School of Business and the Canadian Management Association surged from 41.4 points in January to 69.3 points in February. The reading represented the best result since October 2010 and came in well above market expectations, which had the index increasing to 51.7 points. On a seasonally adjusted basis, the Ivey PMI increased to 70.8 points in February. With the February increase, the PMI jumped above the 50-point threshold, indicating that manufacturing production is expanding. The substantial improvement in the index was mostly driven by better results in the prices and employment components.