Canada Ivey Purchasing Index Falls More Than ForecastAndrew Mayeda
Canada’s Ivey purchasing managers’ index dropped in April, falling short of the most pessimistic projection by economists, as deliveries slowed for the first time this year.
The index declined to 52.2 on a seasonally adjusted basis, after reaching a seven-month high in March of 61.6, according to a statement on the website of Western University’s business school. Readings of more than 50 indicate purchasing by governments and companies advanced. The figure fell short of the lowest forecast from 13 economists surveyed by Bloomberg News.
The report follows indications the Canadian economy has been regaining momentum in the first three months of the year. Canada posted its first trade surplus in a year in March and gross domestic product grew in February at a faster-than-expected 0.3 percent, Statistics Canada reported last week.
Among related indexes, the employment figure rose to 55.1 from 53.1, while the inventories index dropped to 52.7 from 52.9. The supplier delivery measure fell to 49.5 from 51.3, and the price index rose to 58.7 from 53.5.