June 6, 2013 / 2:13 PM / 4 years ago

Canada's Ivey PMI beats expectations in May

TORONTO (Reuters) - The pace of purchasing activity in Canada jumped higher than expected in May, according to Ivey Purchasing Managers Index data.

People go shopping in a mall in downtown Toronto, December 23, 2008. REUTERS/Mark Blinch

The seasonally adjusted index rose to 63.1 in May from 52.2 in April. Analysts polled by Reuters had expected an adjusted reading of 57.

A reading above 50 on an index indicates that the pace of activity increased from the previous month.

The seasonally unadjusted index rose to 70.8 from 50.9.

Reporting by Andrea Hopkins; Editing by James Dalgleish

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