The Ivey Business School Purchasing Managers Index (PMI), measuring
Canada’s economic activity, fell 8.5 points to 51.6 in February from an unrevised 60.1 in January, pointing to a growth in the private sector’s activity, albeit at a slower pace
than in the previous month.
A reading above 50 signals
expansion, while a reading below 50 indicates contraction.
Economists had predicted the indicator to come in at 55.9 in February.
The headline indicator’s sub-indexes
demonstrated mostly gains last month. The deliveries index surged by 3.5
points to 55.8. The prices indicator increased by 1.7 points to 65.3, recording
its first advance in four months. The inventories measure climbed by 1.0 point
to 53.7. At the same time, the employment gauge plunged by 1.1 points to 59.4,
its lowest level since October 2022 (54.60).