The Canadian Ivey PMI rose +2.5 pts MoM to 55.8 in July 2025, indicating a stronger expansion pace despite a slight -1.8 pt drop YoY from July 2024. The July reading is the highest since February 2025 (highest since US tariffs have been in place).

• The Employment Index rose +1.7 pts MoM to 51.2 but remains down -4.9 pts YoY.
• Inventories dropped -1.9 pts MoM to 48.7 and are down -6.1 pts YoY.
• Supplier Deliveries jumped +5.5 pts MoM to 50.2 and are up +3.8 pts YoY, signaling delivery times are stabilizing.
• The Prices Index fell -1.7 pts MoM to 68.5 but remains elevated, up +9.3 pts YoY.