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Canada's Ivey PMI falls to three-month low in May
Canadian economic activity expanded in May at the slowest pace in three months, Ivey Purchasing Managers Index (PMI) data showed on Tuesday. The seasonally adjusted index fell to 53.5 in May from 56.8 in April, posting its lowest level since February. The Ivey PMI measures the month to month variation in economic activity as indicated by a panel of purchasing managers from across Canada. A reading above 50 indicates an increase in activity. The gauge of employment rose to an adjusted 56.2 from 55.8 in April, while the prices index was up at 60.3 from 59.0. The unadjusted PMI rose to 60.1 from 55.6.
