The Ivey Business School Purchasing Managers Index (PMI), measuring Canada’s economic activity, increased to 60.0 in February from 48.4 in January. This pointed to the strongest expansion in economic activity since August 2020.

A reading above 50 signals expansion, while a reading below 50 indicates contraction.

Within sub-indexes, the employment measure climbed to 54.0 in February from 41.5 in the previous month, while the supplier deliveries gauge increased to 38.6 from 34.7 and the inventories indicator rose to 57.8 from 56.7. At the same time, the prices index fell to 80.2 in February from 82.8 in January.