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Canada's Ivey PMI shows activity expanding at a slower pace in November - Metro US

Canada’s Ivey PMI shows activity expanding at a slower pace in November

FILE PHOTO: The downtown skyline and CN Tower are seen past the eastern waterfront area of Toronto

TORONTO (Reuters) – Canadian economic activity increased for the sixth straight month in November but the pace of expansion surprisingly slowed, Ivey Purchasing Managers Index (PMI) data showed on Monday.

The seasonally adjusted index fell to 52.7 from 54.5 in October. While it was the sixth straight month that the PMI was above the 50 threshold indicating an increase in activity, it fell short of analysts’ expectations for 54.7.

Canada is in the middle of a second wave of the pandemic, leading to increased efforts by the 10 provinces to clamp down on businesses and curb gatherings.

The Ivey PMI measures the month to month variation in economic activity as indicated by a panel of purchasing managers in the public and private sectors from across Canada.

The gauge of employment fell to an adjusted 48.1 from 56.1 in October. It was the first month since May that employment was in contraction.

The supplier deliveries index slumped to 34.3, its lowest since April, from 44.8.

The unadjusted PMI fell to 52.4 from 55.9.

(Reporting by Fergal Smith; Editing by Chizu Nomiyama)

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