MNI: Canada Feb Ivey PMI Rebounds to 59.2; Price Index Down

By Yali N'Diaye

     OTTAWA (MNI) - After three consecutive months of declines, the Canadian

Ivey Purchasing Managers Index rebounded 4.4 points to 59.6 in February,

although it did not completely offset the cumulative 8.6-point drop since

November, data from the Richard Ivey School of Business showed Tuesday.

     The decline occurred despite a 2.4-point decrease in the price index to

64.2, indicating the PMI index decline was likely explained by stronger

activity. 

     The PMI index reflects the change in the value of firms' purchases across

economic sectors.

     --EMPLOYMENT INDEX DOWN

     The employment index edged down to 52.4 from 58.4 the previous month, with

18.2% of respondents reporting higher employment in February, and 15.6%

reporting lower employment.

     Statistics Canada will publish the February Labor Force Survey on Friday.

Analysts in a MNI survey expect employment to rise 20,000 over the month, only

partially recovering the 88,000 drop recorded in January on the back of a

137,000 plunge in part-time jobs, while full-time rose 49,000.

     Analysts expect the unemployment rate to remain stable at 5.9% in February.

     Elsewhere, the Ivey PMI inventories index fell to 52.4 from 58.4, while the

supplier deliveries index increased 7.3 points to 53.7.

     On an unadjusted basis, the Ivey PMI rose to 58.4 from 51.3.

--MNI Ottawa Bureau; +1 613 869-0916; email: yali.ndiaye@marketnews.com

[TOPICS: MACDS$,M$C$$$]