TORONTO (Reuters) – Canadian economic activity contracted in July for the first time in seven months as a measure of employment fell, Ivey Purchasing Managers Index (PMI) data showed on Friday.
The seasonally adjusted PMI fell to 48.6 in July from 50.2 in June. It was the first reading below the 50 level that indicates a decrease in activity since December.
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 54.2 from 57.6 in June, while the supplier deliveries measure was at 47.9, down from 53.4.
The unadjusted PMI fell to 45.2 from 53.4.
(Reporting by Fergal Smith; editing by Christina Fincher)