UPDATE 1-Canada's Ivey PMI index unexpectedly fell in November

Thu Dec 6, 2012 11:33am EST
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* Ivey PMI seasonally adjusted index falls to 47.5 from 58.3

* Analysts expected adjusted reading of 58.6

* Lowest reading in over a year

* Employment at 55.1 from 56.4

By Solarina Ho

TORONTO, Dec 6 (Reuters) - Purchasing activity in Canada unexpectedly fell in November, according to Ivey Purchasing Managers Index data released on Thursday, the latest report to suggest economic weakness has carried into the fourth quarter.

The seasonally adjusted index fell to 47.5 in November from 58.3 in October. Analysts polled by Reuters had expected an adjusted reading of 58.6.

"It's been surprisingly resilient over the prior few months. I guess the pull-back in November is a little bit more consistent with the recent data we've seen in Canada," said Benjamin Reitzes, senior economist at BMO Capital markets.

"We've already seen weak GDP numbers a couple of months in a row and the Ivey was oddly strong, so maybe it's just a bit of a catch-up on that front."   Continued...