UPDATE 2-Canada's Ivey PMI beats expectations in January

Wed Feb 6, 2013 12:33pm EST
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* Ivey PMI seasonally adjusted index rises to 58.9 from 52.8

* Analysts expected an adjusted reading of 53.6

* Employment reading rises to 53.8 after Dec dip

By Claire Sibonney

TORONTO, Feb 6 (Reuters) - Purchasing activity in Canada rose more than expected in January, according to Ivey Purchasing Managers Index data released on Wednesday, an early upbeat signal for the economy this year.

The seasonally adjusted index rose to 58.9 in January from 52.8 in December. Analysts polled by Reuters had expected an adjusted reading of 53.6.

"The improvement in global confidence to start the year is an encouraging development and follows at least a partial detour around the fiscal cliff in the United States and a period of relative calm across the euro zone," David Tulk, chief Canada macro strategist at TD Securities, wrote in a research note.

Tulk noted the data's three-month moving average stabilized at 53.1 in January, and predicted the index could pick up further in coming months.