Ivey PMI is the highest ever, and yet jobs won't get any better

The latest Ivey PMI data reveals a complex picture: while the headline activity remains in expansionary territory, the underlying labor data suggests a sector that is becoming increasingly lean.

The seasonally adjusted Ivey PMI for March landed at 57.5, a slight increase from February’s 56.6. This represents the strongest headline reading for the Canadian economy in over a year, signaling that purchasing managers across both the public and private sectors are seeing a genuine uptick in overall activity. However, for those in the staffing and recruitment industry, the excitement of the headline number is tempered by the performance of the employment sub-index, which dipped further into contraction at 48.2.