Canadian Ivey Purchasing Index Increases to 7-Month HighAndrew Mayeda
Canada’s Ivey purchasing managers’ index rose to the highest in seven months, exceeding economist projections, as measures including inventories and employment showed expansion.
The index rose to 61.6 on a seasonally adjusted basis, the highest since August and up from 51.1 in February, according to a statement on the website of Western University’s business school. Readings of more than 50 indicate an increase in purchasing by governments and companies. The reading exceeded the most optimistic forecast of 14 economists in a Bloomberg News survey.
The data contrasts with jobs and trade figures released today that suggest the world’s 11th largest economy is slowing. Employment dropped by 54,500 positions in February, the biggest decline since the last recession four years ago, while the merchandise trade deficit persisted for an 11th straight month.
Among related indexes, the employment figure declined to 53.1 from 55.8, while the inventories index rose to 52.9 from 43.6. The supplier delivery measure fell to 51.3 from 52.2, and the price index dropped to 53.5 from 58.8.