UPDATE 1-Canada's Ivey purchasing index picks up in June

Thu Jul 7, 2016 10:37am EDT
 
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(Adds details from report)

TORONTO, July 7 (Reuters) - The pace of purchasing activity in Canada picked up in June as measures of employment and inventories jumped, according to Ivey Purchasing Managers Index data released on Thursday.

The seasonally adjusted index rose to 51.7 from 49.4 in May, beating analysts' expectations for a rise to 51.0. A reading below 50 indicates a decrease in the pace of activity.

The unadjusted index fell to 54.7 from 58.4.

On an adjusted basis, employment rose to 52.5 from 49.3, its highest since January and potentially boding well for a key federal employment report due on Friday. The inventories component surged to 55.1 from 49.6.

Supplier deliveries retreated to 47.3 from 53.3, while prices pulled back to 59.7 from 63.1. (Reporting by Alastair Sharp; Editing by Chizu Nomiyama and James Dalgleish)