TORONTO, Oct 6 (Reuters) - The pace of purchasing activity in Canada surged in September to its highest level in nearly a year as inventories and prices accelerated, according to the Ivey Purchasing Managers Index released on Monday.
The seasonally adjusted index rose to 58.6 from 50.9 in August, surpassing analysts’ expectations for 53.0. It was the highest level since October of last year.
A reading above 50 indicates an increase in the pace of activity. The unadjusted index jumped to 65.2 from 49.1.
Almost all of the index’s main components strengthened. The employment gauge rose to 53 from 49.5, while inventories also pulled out of contraction territory, climbing to 60 from 46.8. Prices shot up to their highest level since March, rising to 71.6 from 52.2.
The supplier deliveries measure was the only component to decline, contracting to 42.7 from 44.6 (Reporting by Leah Schnurr; Editing by Peter Galloway)