The Canadian Ivey PMI rose 1.0 pts to 48.9 in May 2025, remaining below the 50 mark for the second consecutive month and signaling continued contraction.

• The Employment Index rebounded +3.1 pts to 51.1 but remains down -5.3 pts YoY.
• Inventories increased to 54.9 (up +1.8 pts MoM and +5.8 pts YoY).
• Supplier Deliveries rose to 47.5 from 45.1 but remain below neutral.
• The Prices Index declined -3.1 pts MoM to 66.9, though still +3.4 pts above May 2024.