The Ivey Purchasing Managers Index came in hotter than expectations at 55.8, the largest M/M expansion of purchasing activity since last July.

The strength was likely driven by restocking, as an increase in deliveries contributed to an inventory draw during the month.

Employment also improved, following contractions in three of the last four months amid challenging labour market conditions.

All in, a strong print - and one that’s supportive of a rebound in GDP for July.