TORONTO (Reuters) – Canadian economic activity contracted for the first time in five months in January as employment grew at a slower pace and prices heated up, Ivey Purchasing Managers Index (PMI) data showed on Thursday.
The seasonally adjusted index fell to 47.1 from 54.7 in December, moving below the 50 threshold for the first time since August. A reading below 50 indicates a decrease in activity.
The Ivey PMI measures the month to month variation in economic activity as indicated by a panel of purchasing managers from across Canada.
The gauge of employment fell to an adjusted 52.9 from 55.3 in December, while the prices index was at 64.4, its highest level since December 2023.
The unadjusted PMI rose to 46.2 from 44.3.
(Reporting by Fergal Smith; editing by Chizu Nomiyama)
Comments