Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.
Canada Purchasing Activity Expands Slower in JuneThursday, July 08, 2010 > 10:19:01
Reuters – Ka Yan Ng)
Purchasing activity in Canada grew at a slower than expected pace in June from May, according to the Ivey Purchasing Managers Index on Wednesday, adding to evidence the economy softened in the second quarter. The Ivey index eased to 58.9 in June from 62.7 in May, rather than rising to the quicker pace of expansion at 64.0 that had been forecast by analysts.
But the slower pace did not faze markets with the Canadian dollar remaining fairly steady at its firmest levels of the session, around C$1.0530 to the U.S. dollar, or 94.97 U.S. cents.
A reading of 50.0 indicates that activity remained flat from the preceding month, while a higher reading indicates an increase and a lower reading reflects a decrease. The index is the joint project of the Purchasing Management Association of Canada and the Richard Ivey School of Business.
The four other Ivey subindexes also showed a slower pace of growth, including employment, which fell to 53.6 last month from 58.1 in May.
The Canadian economy has bounced back from a mild recession more quickly and forcefully than expected, though a recent string of data has suggested it has taken a step back from its torrid first-quarter pace.