Canada’s Ivey Purchasing Managers Index (PMI) rose +9.7 pts MoM to 59.8 in September 2025, signaling stronger private sector expansion and its highest level since early 2023, while remaining +6.7 pts YoY above September 2024.

• Employment Index climbed sharply to 50.2 (+4.2 pts MoM, -1.4 pts YoY), moving back into expansionary territory after August’s contraction, suggesting modest recovery in hiring.

• Inventories Index rose to 56.4 (+6.9 pts MoM, +3.1 pts YoY), indicating firms rebuilt stock levels following earlier declines.

• Supplier Deliveries Index edged down to 46.4 (-0.6 pts MoM, -0.6 pts YoY), pointing to slightly faster delivery times compared with August and last year.

• Prices Index eased to 63.2 (-1.9 pts MoM, +5.0 pts YoY), remaining elevated but showing mild moderation in cost pressures from August’s spike.

• Overall, the report shows broad-based improvement in business conditions, with stronger output and inventory activity offset by still-high prices and uneven supplier performance.

The Canadian Ivey PMI fell -5.7 pts MoM to 50.1 in August 2025, hovering just above the expansion threshold, but was up +1.9 pts YoY from August 2024.

• The Employment Index dropped -5.2 pts MoM to 46.0, the weakest reading since mid-2020, and down -8.7 pts YoY, pointing to contraction in hiring.

• Inventories edged up +0.8 pts MoM to 49.5 but remained below neutral, down -4.1 pts YoY, suggesting firms are cautious about stock levels.

• Supplier Deliveries fell -3.2 pts MoM to 47.0, though still +2.2 pts higher YoY, indicating faster delivery times compared with last year.

• The Prices Index eased -3.4 pts MoM to 65.1 but stayed elevated, up +1.7 pts YoY, signaling persistent cost pressures despite some moderation.