The seasonally adjusted Ivey purchasing managers index is down to 51.6 in February. The pace of activity is down after a sharp rise from 49.3 in December to 60.1 in January. Nonetheless, activity is in expansion for the second month in a row.

The seasonally adjusted index for employment is down only slightly to 59.4 in February from 60.5 in January. The inventory index is up a point to 53.7 in February from 52.7 in the prior month. The deliveries index showed lengthening in supply chains with an increase to 55.8 in January from 52.3 in February. The prices index is up nearly two points to 65.3 in January from 63.6 in January and reflects higher energy costs. However, the prices index remains well below the near-term peak of 86.0 in March 2022.

The unadjusted Ivey purchasing managers index is down to 50.8 in February after 54.7 in January. This is the second month in a row of modest expansion on an unadjusted basis.

The unadjusted index for employment is up to 58.7 in February from 53.9 in January and is the highest since 61.4 in September 2022. The inventories index is up to 54.2 in February from 50.6 in January, slightly above the neutral trend of the prior three months. The index for deliveries is up to 54.7 in February, lengthening after 48.9 in January and 43.3 in December 2022. The index for prices is little changed at 68.6 in February from 68.0 in January, trending a bit higher after the 66.1 in November and December 2022.

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.