Canadian Ivey PMI Shows Strongest Growth in 9 Months
Canadian Economic Activity on the Rise
Canadian economic activity saw a significant uptick in January, marking its most robust expansion in nine months, according to the latest Ivey Purchasing Managers Index (PMI) data released on Tuesday.
Index Reaches 9-Month High
The seasonally adjusted index inched up to 56.5 in January from 56.3 in December, reaching its highest level since April and indicating a positive trend in economic activity across the country.
Ivey PMI Explained
The Ivey PMI measures the month-to-month variation in economic activity, as reported by a panel of purchasing managers from various regions of Canada. A reading above 50 signifies an increase in activity, reflecting the growing economic health of the country.
Employment and Prices
Although the gauge of employment dipped to an adjusted 57.2 from 57.9 in December, the prices paid index also showed a decrease, coming in at 62.2, down from 64.5 in the previous month.
Unadjusted PMI on the Rise
Additionally, the unadjusted PMI rose to 54.4 from 43.7, indicating a substantial improvement in economic activity that goes beyond the seasonal adjustments.
Overall, the latest Ivey PMI data paints a positive picture of Canada’s economic health, with several key indicators showing encouraging signs of growth and stability.
