Canada Ivey PMI Rises Less Than Forecast in September
Canada’s purchasing managers increased spending in September by less than economists forecast, according to a gauge released today by Western University’s business school.
The Ivey Purchasing Managers Index rose to 51.9 in September on a seasonally adjusted basis, following an August reading of 51.0, according to a statement on the London, Ontario university’s website. Readings of more than 50 indicate purchasing by governments and companies increased.
Economists projected a reading of 53.6, according to the median of a Bloomberg survey with 10 responses.
Bank of Canada Senior Deputy Governor Tiff Macklem said this week the nation’s economy will expand more slowly this year than the central bank forecast as stronger exports and business investment remain elusive.
The Ivey Employment Index rose to 53.5 in September from 43.6 the month before, while a gauge of inventories rose to 54.2 from 48.7 in August, according to the release.
A gauge of prices increased to 64.0 last month from 60.9, while the supplier deliveries index (IVEYSA) dropped to 45.3 from 45.6 the month before.
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