Canada's economic activity grows at a slightly faster pace in October, with the latest purchasing managers data showing continued expansion. The employment component also improves during the month, while the prices measure eases from September.
Highlights
- Canada's seasonally adjusted Ivey PMI rises to 58.3 in October from 58.2 in September, indicating continued expansion in economic activity.
- The adjusted employment index climbs to 58.3 from 56.5, reflecting stronger hiring conditions in October.
- The prices index falls to 81.7 from 82.8, signaling a slight easing in price pressures despite remaining elevated.
October PMI data signals steadier activity
As reported by Reuters, the Ivey Purchasing Managers Index shows Canada's seasonally adjusted PMI at 58.3 in October, up marginally from 58.2 in September.The index tracks month-to-month changes in economic activity based on a panel of purchasing managers across Canada. A reading above 50 indicates activity is increasing, keeping the October result in expansion territory.
The employment gauge rises to an adjusted 58.3 from 56.5 a month earlier, pointing to firmer hiring conditions in the survey data.
Price pressures ease while unadjusted reading falls
The adjusted prices index stands at 81.7 in October, down from 82.8 in September, suggesting some easing in price pressures even as it remains at a high level.The unadjusted PMI, however, declines to 56.4 from 61.9. That indicates activity still expands on an unadjusted basis, but at a slower pace than in the previous month.
UBS’s extended Fed tightening-cycle forecast highlighted how persistent inflation pressures are keeping expectations tilted toward higher-for-longer interest rates. Our earlier article noted UBS’s view that the Federal Reserve could deliver additional rate hikes into 2027, with market pricing also reflecting elevated odds of further tightening as policymakers focus on keeping inflation expectations anchored.
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