Canada: PMI jumps into expansion territory in August
September 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 2.6 points to 51.0 points in August. The figure undershot market expectations of a rise to 53.0 points.
As a result of the improvement, the PMI now rests above the 50-point threshold that indicates expansion in the manufacturing sector.
FocusEconomics Consensus Forecast panellists see industrial production expanding 1.8% in 2013, which is up 0.2 percentage points from last month's forecast. For 2014, the panel expects industrial production to grow to 2.6%.
Author: Carl Kelly, Economist