Canada’s Ivey PMI fell -4.0 pts to 51.3 in March, below expectations of a decline to 53.2.

• The Employment Index fell -5.5 pts to 48.2, the first negative reading for over two years.

• The Prices Index increased another 4.1 pts to 75.6, now up 14.1 pts since December 2024.
• The Inventories Index jumped 3.6 pts to 53.0 as Canadian firms built inventories ahead of tariffs.
• The Supplier Deliveries Index fell -4.4 pts to 43.6 suggesting that there was a sharp slowdown in deliveries at the end of Q1 2025.