TORONTO (Reuters) - Canadian economic activity contracted for the first time in 13 months in August as employment growth slowed and price pressures heated up, Ivey Purchasing Managers Index data showed on Friday.
The seasonally adjusted index fell to 48.2 from 57.6 in July. It was the first time since July 2023 that the index was below the 50 threshold, indicating a decrease in activity.
The Ivey PMI measures the month-to-month variation in economic activity as indicated by a panel of purchasing managers from across Canada.
The gauge of employment fell to an adjusted 54.7 from 56.1 in July, while the prices index was at 63.4, up from 59.2 and its highest level since May.
The unadjusted PMI fell to 50.3, its lowest level this year, from 55.3.