The Ivey Business School Purchasing Managers Index (PMI),
measuring Canada’s economic activity, fell by 4.9 points to 57.6 in July from
an unrevised 62.5 in June. The latest reading indicated the private sector’s
activity expanded for the 12th straight month in July, albeit at a slower pace than in the previous month.
The 50-point mark separates expansion from contraction.
Economists had predicted
the indicator to drop to 60.0 in July.
According to the report, the employment index climbed by 3.2 points to 56.1,
indicating continuing growth in employment. The inventories
measure jumped by 2.1 points to 54.8, remaining in positive territory for
the second consecutive month. Meanwhile, the deliveries gauge fell
by 2.2 points to 46.4, indicating a decrease
in deliveries for the fourth month in a row. The prices indicator declined
by 3.1 points to 59.2, indicating prices continued to advance in July, albeit at the weakest pace since March.