Not a great sign for the economy.
Western University's Ivey purchasing managers’ index unexpectedly contracted in May, underlining concern over the health of the economy.
In its monthly report, the Richard Ivey School of Business said its purchasing managers’ index fell to 49.4 last month from a reading of 53.1 in April. Analysts had expected the index to rise to 51.5 in May.
The survey asks purchasing managers whether their purchases increased, decreased or remained stable during the month.
A figure above 50.0 indicates industry expansion, below indicates contraction.
