Canadian Economic Activity Slows in July as PMI Drops
Canadian economic activity expanded at a slower pace in July as the Ivey Purchasing Managers Index fell to its lowest level since March.
Canadian economic activity continued to expand in July but at a decelerating pace. The Ivey Business School reported that the Purchasing Managers Index (PMI) fell to 55.1, down from 56.2 in June, marking the lowest reading for the index since March.
The data reveals a cooling labor market, with the employment gauge dipping to an adjusted 52.2 from 53.6 in June. Despite the slower overall growth and declining employment, inflationary pressures increased as the adjusted prices index rose to 75.5 from 73.7.
Further supporting the trend of slowing growth, the unadjusted PMI also saw a significant decrease, falling to 54.1 from 59.7 in the previous month.
Keep reading in the app
The full story and every source, free in the app.
Coming soonGoogle Play