June 6, 2013 / 2:13 PM / 4 years ago

Canada's Ivey PMI beats expectations in May

People go shopping in a mall in downtown Toronto, December 23, 2008. REUTERS/Mark Blinch

TORONTO (Reuters) - The pace of purchasing activity in Canada jumped higher than expected in May, according to Ivey Purchasing Managers Index data.

The seasonally adjusted index rose to 63.1 in May from 52.2 in April. Analysts polled by Reuters had expected an adjusted reading of 57.

A reading above 50 on an index indicates that the pace of activity increased from the previous month.

The seasonally unadjusted index rose to 70.8 from 50.9.

Reporting by Andrea Hopkins; Editing by James Dalgleish

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