Canadian economic activity expanded at a slower pace in September, according to Ivey Purchasing Managers Index data released Tuesday. The seasonally adjusted index decreased to 58.2 from 64.3 in August, while the gauge for employment rose and the prices index climbed.
The slowdown in Canadian economic activity, coupled with rising price pressures, could influence the Bank of Canada's future monetary policy decisions regarding interest rates.
Canadian economic activity expanded at a slower pace in September as a measure of inflation pressures rose, according to Ivey Purchasing Managers Index data released on Tuesday. The seasonally adjusted index decreased to 58.2 last month, after reaching its highest level since May 2022 at 64.3 in August. The Ivey PMI measures month-to-month variations in economic activity based on a panel of purchasing managers across Canada, with a reading above 50 indicating an increase in activity. The gauge for employment rose to an adjusted 56.5 from 55.0 in August. The adjusted prices index was at 82.8, up from 80.4 in the previous month. The unadjusted PMI dipped to 61.9 from 62.7.
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