Purchasing activity in Canada declined significantly in May, falling to its lowest level in nine months, though growth was still evident, the latest Ivey Purchasing Managers Index data showed June 6.
The seasonally adjusted Ivey PMI fell to 53.8 in May from 62.4 in April, indicating that purchases fell from the previous month.
The prices index declined to 51.3 in May from 70.9 in April, while inventories climbed to 56.5 from 46.5. The employment index slipped to 50.4 from 53.7, while supplier deliveries slowed to 44.6 from 49.1.
The Ivey PMI gauges month-to-month variation in economic activity of purchasing managers in Canada, with a reading above 50 indicating expansion. Prepared by the Ivey Business School, the index covers all sections of the country's economy.