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Ivey PMI rises to 6-month high as employment improves

Canadian economic activity in February achieved its fastest growth in 6 months after employment improved, as indicated by the Ivey Purchasing Managers’ Index (PMI), whose revised value rose from 48.4 in January to 60 in February, which is its highest value, since August and the first time it has crossed the 50 threshold in 3 months, indicating increased activity in the economy, the Ivey PMI measures monthly changes in economic activity as determined by the Committee of Public and Private Purchasing Managers across Canada.

Canada has faced a severe second wave of infections in recent months, prompting large-population provinces such as Ontario and Quebec to impose severe restrictions during December and January to contain the spread of the epidemic, and those restrictions are now being relaxed.

According to the latest statistics, the employment measure rose from a value of 41.5 in January to its highest level in 4 months, recording an adjusted value of 54, while the index of stocks of goods rose from 56.7 to 57.8. It is noteworthy that the unadjusted PMI increased from 55.7 to 63.1, and the report on employment results for the month of February is scheduled to be released next Friday by Statistics Canada.

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