November Ivey purchasing managers survey unadjusted reading was unchanged from October at 56.5. On an adjusted basis, the reading dropped to 56.8 from 59.7.
On an adjusted basis, the employment index climbed to 58.0 in November, up from 57.3 in October. Supplier deliveries index edged up above the breakeven 50 line with a reading of 50.1 after 49.2. The prices index slipped to 60.5 from 61.5 the month before, still a strong reading. The inventories index however, dropped into contraction at 47.2 after 53.5 in October.
On an unadjusted basis, the employment index slipped to 55.9 from 56.5 in October while the price index climbed to 60.1 from 59.0. The inventories index dropped to 45.8 from 54.8.
The Ivey purchasing Managers' Index (PMI) measures purchasing activity as indicated by a panel of purchasing managers selected geographically and by sector of activity to match the Canadian economy as a whole. The PMI includes both the public and private sectors and is based on month-end data. Five categories are covered in the survey: purchases, employment, inventories, supplier deliveries and prices. Results are synthesised into a single index which can range between zero and 100. A reading above (below) 50 signals rising (falling) activity versus the previous month and the closer to 100 (zero) the faster is activity growing (contracting).
The Ivey PMI is provided in two formats -- unadjusted and seasonally adjusted. The index shows responses to one question: "Were your purchases last month in dollars higher, the same, or lower than the previous month?" A figure above 50 shows an increase while below 50 shows a decrease.
The index measures the month to month variation in economic activity as indicated by a panel of purchasing managers. The index uses end of the month data and it covers all sections of Canada's economy. The PMI includes both the public and private sectors and is based on month end data Ivey PMI panel members indicate whether their organizations activity is higher than, the same as, or lower than the previous month across the following five categories: purchases, employment, inventories, supplier deliveries and prices.