The PMI for Ivey in Canada dropped sharply to 48.2 in August, hitting a three and a half year low and significantly below expectations.
According to a survey by the Ivey Business School, the seasonally adjusted Purchasing Managers' Index (PMI) for Canada dropped significantly from 57.6 in July to 48.2 in August, well below the market's expected 55.5, touching its lowest level since December 2020. This decline marks the first contraction in the economy after 12 months of steady growth, driven by decreases in the Inventory Index (53.6), Employment Index (54.7), and Supplier Delivery Index (44.8). At the same time, price growth accelerated (62.3). As for the unadjusted
Express News | Economists: If the unemployment rate rises, the Bank of Canada will face significant pressure to reduce interest rates.
According to《Economy》, Canada's unemployment rate in August was 6.6%, reaching a near 3-year high, which was higher than expected.
Statistics Canada data shows that the unemployment rate in Canada rose from 6.4% in July to 6.6% in August, the highest since October 2021, exceeding the market's expectation of 6.5%. The number of unemployed persons increased by 60,400 from the previous month, reaching 1.4589 million people, mainly due to a 0.4 percentage point increase in the unemployment rate among the core working age group to 5.7%, and a 0.4 percentage point increase in the unemployment rate among the elderly to 5.5%. At the same time, the net employment increased by 22,100 to 20.5357 million people, lower than the market's expectation of a 25,000 person increase.
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