MNI: Canada Oct Ivey PMI Rises To 63.8, Highest Since Jan 2016

By Yali N'Diaye

     OTTAWA (MNI) - The Canadian Ivey Purchasing Managers Index further rose in

October, adding 4.2 points on the month to 63.8, its highest levels since

January 2016, data from the Richard Ivey School of Business showed Monday.

     The increase was consistent with a 6.6-point gain in the price index, to

59.0, following a cumulative 16.8-point drop over the previous two months. The

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

sectors.

     However, the employment index retreated by 7.4 points to 52.0 after four

consecutive months of gains, although the index remained above the 50.0 mark

signaling further expansion. The data showed 23.6% of respondents reported

higher employment in October, down from 30.9% the previous month.

     Still, Statistics Canada reported Friday that the Canadian economy added a

further 35,300 jobs in October, led by an 88,700 increase in full-time

positions, following a 112,000 surge in that category in September.

     Elsewhere, the Ivey PMI inventories index rose to 58.2 from 52.8, while the

supplier deliveries index decreased to 45.9 in October from 48.5 in September.

     On an unadjusted basis, the Ivey PMI was down 5.1 points to 63.5, with the

price index down 1.6 points to 58.7.

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

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