As goes America, so goes Canada it seems. Following the collapse in both Manufacturing and Services survey data in the US, Canada's PMI just collapsed most since Feb 2016, back into contraction for the first time since March 2015.
From a 12-month high of 60.6in August, Ivey PMI collapsed to a 4-year lows of 48.7...
Under the hood things are mixed (but hurting in the most important areas)
Ivey employment index decreased to 49.6 in September from 52.7 in prior month
Ivey inventory index decreased to 50.5 in September from 54.8 in prior month
Ivey supplier index increased to 50.2 in September from 49.9 in prior month
Ivey prices index increased to 56.9 in September from 51.3 in prior month
Time to restart rate-cuts....