Canada's Ivey Purchasing Managers' Index (PMI) decreased to 53.9 in February, down from 56.5 in January 2024. The latest data, updated on March 6, 2024, indicates a slight contraction in the Canadian manufacturing sector's business activity compared to the previous month.
The Ivey PMI is an important economic indicator that provides insights into the health of Canada's manufacturing industry. A reading above 50 indicates expansion, while a reading below signals contraction. February's figure of 53.9 suggests a continued but slower growth pace in the sector.
Market analysts will closely monitor future PMI releases to assess the resilience of Canada's manufacturing sector amidst global economic uncertainties and supply chain challenges. The February dip in the Ivey PMI highlights the need for ongoing vigilance and strategic responses to support the resilience and growth of the Canadian economy.
