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05.07.2024

Canada's private sector activity growth quickens more than anticipated in June - Ivey

The Ivey Business School Purchasing Managers Index (PMI), measuring Canada’s economic activity, surged by 10.5 points to 62.5 in June from an unrevised 52.0 in May. The latest reading indicated the private sector’s activity expanded for the 11th straight month in June and at a faster pace than in the previous month.

A reading above 50 signals expansion, while a reading below 50 indicates contraction.

Economists had forecast the indicator to rise to 53.0 in June.

According to the report, the inventories measure rose by 3.6 points to 52.7, returning into the expansion territory after a one-month growth. The deliveries gauge increased by 0.7 points to 48.6, indicating a decrease in deliveries for the third month in a row. Meanwhile, the employment index fell by 3.5 points to 52.9, indicating continuing growth in employment albeit at the weakest pace in four months.  The prices indicator dropped by 1.2 points to 62.3, indicating prices continued to advance in June albeit at a softer pace than in the previous month.

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