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Canadian economy contracts for first time since May, according to PMI data

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A construction worker using a headlamp and a flashlight is seen inside a building under construction at the Vancouver House project, as heavy rain streams down the windows, in Vancouver, B.C., Tuesday, Jan. 5, 2021. THE CANADIAN PRESS/Darryl Dyck

DARRYL DYCK/The Canadian Press

Canadian economic activity contracted in December for the first time in seven months as measures of employment and supplier deliveries weakened, Ivey Purchasing Managers Index (PMI) data showed on Thursday.

The seasonally adjusted index fell to 46.7 from 52.7 in November. It was the first time since May that the PMI was below the 50 threshold, indicating a decrease in activity.

The Ivey PMI measures the month-to-month variation in economic activity as indicated by a panel of purchasing managers in the public and private sectors across Canada.

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The country is in the middle of a second wave of the coronavirus pandemic, with some provinces increasing economic restrictions in recent weeks to help contain the virus.

The gauge of employment fell to an adjusted 45.8 from 48.1 in November, while the supplier deliveries index slipped to 30.1, its lowest since April, from 34.3.

The unadjusted PMI rose to 53.9 from 52.4.

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