Canada Ivey PMI Ticks Up in October as Hiring Gauge Improves

Canadian business activity grew a little faster in October, according to the latest Ivey Purchasing Managers Index (PMI), released on Friday 6 November 2026. The seasonally adjusted index edged up to 58.3 from 58.2 in September, with a stronger employment reading helping to lift the headline. For traders in the Canadian dollar, it is a small but useful clue about the health of the domestic economy.

Key takeaways

• Canadian economic activity expanded at a slightly faster pace in October as a measure of employment rose.
• The employment gauge rose to an adjusted 58.3 from 56.5 in September.
• The adjusted prices index was at 81.7, down from 82.8.
• The unadjusted PMI fell to 56.4 from 61.9.

What the Ivey PMI shows

The Ivey PMI is a monthly survey of purchasing managers across Canada, and a reading above 50 indicates an increase in activity. Because the seasonally adjusted figure of 58.3 sits well above that line, the survey points to continued expansion rather than a slowdown.

The survey is built from answers on five areas. Panel members say whether activity is higher than, the same as, or lower than the previous month across purchases, employment, inventories, supplier deliveries and prices. That makes the sub-indexes, especially hiring and prices, worth reading alongside the main number.

Seasonally adjusted versus unadjusted

The two versions of the index tell slightly different stories. The seasonally adjusted figure, which strips out regular calendar effects, nudged higher. The unadjusted version moved the other way: it fell to 56.4 in October from 61.9 in September. Even so, the October reading is still above the 50-point threshold that typically separates expansion from contraction, so growth continued at a more moderate pace on that measure.

The prices index is also worth noting. At 81.7 it eased from 82.8, but it remains very high, which suggests cost pressures are still being reported by purchasing managers. This is the kind of detail that can matter when traders think about inflation and the interest-rate outlook.

Market reaction: USD/CAD

At 15:32 UTC, USD/CAD was trading at 1.41030, up 0.64% on the day, within a range of 1.40060 to 1.41260. That means the US dollar was stronger against the Canadian dollar despite the steady PMI. The move was part of a wider pattern, as the US dollar also gained against the Swiss franc and the yen, while EUR/USD, GBP/USD, AUD/USD and NZD/USD all traded lower.

Because the Ivey PMI moved by only a tenth of a point on the seasonally adjusted measure, it is unlikely to have been the main driver of today's price action. Broader US dollar demand appears to be the bigger influence.

What to watch next

• Whether the hiring improvement shows up in official Canadian labour market data.
• Whether the prices index keeps easing from its elevated level, which could shape expectations for central bank policy.
• The next Ivey PMI release, scheduled for 4 December, to see if the gap between the adjusted and unadjusted readings narrows.

Markets are volatile and this article is educational content, not investment advice.