Canada: PMI shoots up to a seven-month high in March
April 5, 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 10.5 points to 61.6 points in March, the highest level seen in seven months. The improvement exceeded market expectations that had the PMI rising only to 52.5 points.
As a result of the monthly improvement, the PMI is now further above the 50-point threshold, which indicates that the manufacturing sector is expanding. However, at the current level, the PMI index is 1.9 points below the level observed in the same month last year.
FocusEconomics Consensus Forecast panellists see industrial production expanding 1.4% in 2013, which is up 0.3 percentage points from last month's forecast. For 2014, the panel sees industrial production growing 2.6%.