Ivey Purchasing Managers Index in Canada

The Ivey PMI gauges the month-on-month change in Canadian economic activity from a panel of purchasing managers spanning every sector, both public and private, unlike the manufacturing-focused S&P Global PMI. It is produced by the Ivey Business School with the country's supply-chain association. A reading above 50 signals expansion; below 50, contraction.

A monthly survey in which panellists report whether their purchasing activity rose, held steady or fell versus the previous month. Both an unadjusted (NSA) and a seasonally adjusted (SA) reading are published. It is a diffusion index, capturing direction rather than magnitude.

It is watched as a leading signal for Canada's monthly GDP path and for the wider business economy, since it covers all sectors rather than just manufacturing. A print firmly above 50 points to momentum and can lift the Canadian dollar and Bank of Canada rate expectations; a reading below 50 does the opposite.

A private survey based on a fairly small panel rather than a census, so it is more volatile month to month than official Statistics Canada figures. In months with strong seasonal effects, the SA and NSA readings can diverge markedly.