Canadian Business Activity Falls to Record Low

The Canadian Ivey PMI for December was released at 39.1, beating the survey estimate of 37.5. Even though the actual release was higher than what the market expected, the PMI for November & December have been at an all-time low. A reading of 39.1 is a strong pessimistic view on Canadian consumer spending from managers as any reading below 50 is an indicator of contraction.

A breakdown into the PMI release shows a consistent decline in the “Prices” index to 47.5, which may further encourage BOC to lower their interest rates going forward. Additionally the “Employment” component fell to 41.0, suggesting the economic outlook for the economy will worsen before recovering. Both components have also reached an all-time low with this month’s release.

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