| Actual | Previous | |
| Adjusted Index | 56.6 | 50.9 |
| Unadjusted Index | 56.3 | 47.0 |
Highlights
Canada's Ivey Purchasing Managers Index (PMI) recovered 5.7 points to 56.6 in February, its highest level since 59.8 in September 2025.
After three months under the 50.0 threshold, the unadjusted index rose to 56.3 in February from 47.0 in January.
The Bank of Canada January Monetary Policy Report has the first quarter GDP rebounding 1.8 percent, supported by final domestic demand, which is consistent with the January and February Ivey PMI readings pointing to economic expansion. The Canadian economy contracted at an annualized pace of 0.6 percent in the fourth quarter of 2025, a weaker performance than the flat reading projected by the Bank of Canada.
In February, 34.4 percent of respondents reported higher purchases compared to the previous month, while 21.9 percent reported lower purchases.
The February PMI gain was led by the inventories index, up 6.3 points to 57.2. By contrast, the three other components declined. The employment index was down to 49.4 from 51.1, the second consecutive decline, indicating lower employment. The supplier deliveries index also decreased, to 45.2 from 49.2, its seventh consecutive month below 50.0. The price index edged down to 63.4 from 64.8, although it is still indicative of higher prices.
Definition
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).
Description
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.