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Canada’s Ivey PMI shows first contraction in 11 months -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A truck passes stacked shipping containers at Montreal’s Port of Montreal (Quebec, Canada), May 17, 2021. REUTERS/Christinne Muschi

TORONTO (Reuters] – Canadian economic activity fell in December, according to Ivey Purchasing Managers Index PMI data. This was the first contraction in over 11 months.

Seasonally adjusted, the index dropped to 45.0 in December from 61.2 in November. The PMI dropped below 50 for the first time since November, which indicates a decline in activity. It also fell to its lowest level since May 2020.

This index tracks the monthly variation of economic activity, as measured by an international panel consisting of buying managers.

While the employment gauge fell to an adjusted 50.0 in November from 54.5, and inventories fell to 49.6 (from 55.0),

From 61.2, the unadjusted PMI was 51.1.

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