Canadian economic activity contracted in July for the first time this year as employment growth slowed and prices cooled, Ivey Purchasing Managers Index (PMI) data showed on Friday.
The seasonally adjusted index fell to 49.6 from 62.2 in June, the first time since December 2021 that the index was below the 50 threshold that marks a decrease in activity.
The Ivey PMI measures the month to month variation in economic activity as indicated by a panel of purchasing managers across Canada.
The gauge of employment fell to an adjusted 61.4 from 67.9 in June, while the prices index was down at 73.8, its lowest since August last year, from 77.9.
The unadjusted PMI fell to 53.2 from 57.8.