Canada’s seasonally adjusted Ivey Purchasing Managers’ Index was reported at a reading of 52 in May, down from 63 in April.
It has been the lowest PMI level since July 2023 and it fell well short of market consensus of 65.
The gauge of inventories deteriorated to 49.1 in May from 52.8 in April, the Ivey Business School data showed.
The sub-index of supplier deliveries also indicated deterioration, falling to a level of 47.9 from 49.6 in April.
In the meantime, the sub-index of employment remained steady at a level of 56.4 in May.
And, the gauge of prices rose to a five-month high of 63.5 last month from 62.4 in April.
The non-adjusted Purchasing Managers’ Index came in at 59.1 in May, slipping from 65.7 in April.
The Canadian Dollar was little changed on the day against its US counterpart, with the USD/CAD currency pair last trading at 1.3694.
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