TORONTO (Reuters) - The pace of purchasing activity in Canada slowed in October for the third straight month, according to Ivey Purchasing Managers Index data on Tuesday, but was marginally higher than expected.
The seasonally adjusted index fell to 58.3 in October from 60.4 in September. Analysts polled by Reuters had expected an adjusted reading of 58.2.
A reading above 50 on an index indicates that the pace of activity increased from the previous month.
The seasonally unadjusted index fell to 58.3 from 68.5.
“The Ivey PMI tends to imperfectly track fluctuations in economic activity, but broadly speaking this report should be consistent with sluggish but positive growth,” TD Securities senior fixed income strategist Andrew Kelvin wrote in a client note.
RBC’s manufacturing PMI published on November 1 showed Canadian manufacturing growth slowed for a fourth straight month and hit a nine-month low. (Reporting by Solarina Ho; Editing by Jeffrey Hodgson and James Dalgleish)