December 7, 2017 / 3:42 PM / a year ago

Canada's Ivey purchasing index shows growth cooled in November

A sign advertising available jobs at the Clocktower Brew Pub hangs in a window in Ottawa, Ontario, Canada, November 9, 2017. REUTERS/Chris Wattie

OTTAWA (Reuters) - The pace of purchasing activity in Canada slowed modestly in November as supplier deliveries continued to shrink, though employment climbed, according to Ivey Purchasing Managers Index data released on Thursday.

The seasonally adjusted index declined to 63.0 from 63.8 in October. A reading above 50 indicates an increase in the pace of activity. The unadjusted index slipped to 62.4 from 63.5.

The gauge of employment rose to an adjusted 53.9 from 52.0, boding well for further job gains. The broader Canadian labor market has been on a tear for over a year, with the unemployment rate now sitting at a more than nine-year low.

Supplier deliveries fell further into contraction territory, declining to 45.8 from 45.9. The gauge of prices jumped to 67.7 from 59.0, the highest level since July and suggesting companies’ profit margins may face a squeeze.

Reporting by Leah Schnurr; Editing by Bernadette Baum

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