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TORONTO (Reuters) - The pace of purchasing activity in Canada cooled in November, pulling back from a five-month peak the previous month as a measure of inventories contracted, according to Ivey Purchasing Managers Index data released on Thursday.
The seasonally-adjusted index fell to 53.7 from 62.8 in October, shy of analysts' expectations of 58.5. October's reading had been the highest since May.
A reading above 50 indicates an increase in the pace of activity. The unadjusted index dropped to 48.2 from 64.2.
The seasonally-adjusted inventories component slumped to 43.9 from 53.6, while supplier deliveries also slowed to 51.6 from 52.4.
But the employment gauge jumped to 60.3 from 51.7, boding well ahead of Friday's larger employment report.
Reporting by Leah Schnurr; Editing by Nick Zieminski