Canada: Purchasing managers index down slightly in June
July 7, 2011
The Ivey Purchasing Managers Index (PMI) sponsored by the Richard Ivey School of Business and the Purchasing Management Association of Canada declined from 69.1 points in May to 68.2 points June. The decline was well above market expectations, which saw the PMI tumbling to 62.5 points. On a seasonally adjusted basis, the Ivey PMI fell from 65.5 points in May to 59.9 points in June. Despite the June drop, the PMI remained above the 50-point threshold for a fifth straight month, suggesting manufacturing production remains in an expansionary mode. The deterioration in the index was attributed to decreases in employment, inventories and prices components. On the other hand, the deliveries component of the index improved over May.