The Ivey Business School Purchasing Managers Index (PMI), measuring
Canada’s economic activity, drooped 3.3 points to 53.5 in May from an unrevised 56.8 in April, pointing to an expansion in the private sector’s activity, albeit
at a slower pace than in the previous two months.
A reading above 50 signals
expansion, while a reading below 50 indicates contraction.
Economists had expected the indicator to come in at 57.2 in May.
According to the report, the prices index jumped 1.3 points to 60.3 in
May, while the deliveries gauge increased 0.9 points to 52.1, and the
inventories indicator and the employment measure both rose by 0.4 points to 49.0
and 56.2, respectively.