The Ivey PMI came in worse than expected at 49.7, indicating purchasing activity slowed during the month…

… likely driven by disruptions linked to Iran, with the price index expanding at the fastest rate in a year…

… and supplier deliveries slowing significantly, forcing companies to draw down existing inventory balances to meet demand.

If there was a bright spot in the release it was employment, which was up for the first time in three months…

… and should drive manufacturing employment in the next jobs print.

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