The Ivey Business School Purchasing Managers Index (PMI), measuring Canada's economic activity, surged by 5.5 points to 63.0 in April from an unrevised 57.5 in March. The latest print pointed to an expansion in the private sector's activity for the 9th straight month, the pace of which was also the strongest since April 2022 (69.9). A reading above 50 signals expansion, while a reading below 50 indicates contraction. Economists had predicted the indicator to rise to 58.1 in April.
According to the report, the employment index climbed by 1.0 points to 56.4, indicating continuing growth in employment and at a faster pace than in the previous month. The inventory measure fell by 2.8 points to 52.8, but remained in positive territory for the fourth consecutive month. The deliveries gauge dropped by 2.5 points to 49.6, indicating a decrease in deliveries for the first time in six months. Meanwhile, the prices indicator rose by 4.5 points to 62.4, signaling that price growth accelerated compared to March.