The Ivey Business School Purchasing Managers Index (PMI),
measuring Canada’s economic activity, surged by 3.6 points to 57.5 in March from
an unrevised 53.9 in February. The latest print pointed to an
expansion in the private sector’s activity for the 8th straight month, the pace
of which was also the strongest since March 2023 (58.2).
A reading above 50 signals expansion, while a reading below
50 indicates contraction.
Economists had predicted
the indicator to rise to 54.2 in March.
According to the report, the employment index climbed
by 4.6 points to 55.4, indicating continuing growth in employment and at a faster pace than in the previous month. The inventories measure jumped by 2.0 points to 55.6, remaining in positive
territory for the third consecutive month. The
deliveries gauge rose by 1.8 points to 52.1, indicating an increase in deliveries for the fifth month in a row. Meanwhile, the prices
indicator dropped by 2.5 points to 57.9, indicating prices continued to grow in
March, albeit at a weaker pace.