TORONTO (Reuters) - The pace of purchasing activity in the Canadian economy slowed in September, according to Ivey Purchasing Managers Index data released on Thursday, but still outpaced expectations.
The data showed the seasonally adjusted index slipped to 60.4 in September from 62.5 in August. Analysts polled by Reuters had forecast a reading of 59.
Officials at the Ivey School of Business confirmed that an incorrect number of 65.6 was posted to the website, but the actual reading was 60.4.
Any index reading above 50 indicates that activity picked up from the preceding month.
“Despite the fact that this indicator is not the best measure to capture cyclical swings in growth, today’s moderation is consistent with other business surveys such as the RBC PMI,” TD Securities macro strategist Mazen Issa wrote in a note to clients. “The economy is stuck in a soft patch.”
RBC’s manufacturing PMI published on October 1 showed the weakest rate of expansion since March.
The Ivey PMI’s unadjusted index was at 68.5 in August, compared with 65.2 in the previous month.
Reporting by Alastair Sharp; Editing by Jeffrey Hodgson