The Ivey PMI rose to 64.3, beating expectations and reaching its highest level since May of 2022…

… though much of that growth in purchasing activity is likely price-driven, with tariffs putting more upward pressure on already elevated input costs.

To hedge against higher prices and slower delivery times, purchasing managers are increasing inventories at an accelerated rate…

… which we expect could be consumed in future months by companies hoping to outlast the burgeoning trade war - placing downward pressure on future purchasing behaviour.

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