Canada's Ivey PMI shows activity expanding for third straight month in August

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TORONTO (Reuters) - Canadian economic activity expanded for the third consecutive month in August but the pace slowed from July, Ivey Purchasing Managers Index (PMI) data showed on Friday.

The seasonally adjusted PMI dipped to 67.8 from 68.5 in July. It was the third straight month that the index was above the 50 threshold that indicates an increase in activity.

In April, it slumped to a record low of 22.8 as businesses were shut to help contain the coronavirus pandemic.

The Ivey PMI measures the month to month variation in economic activity as indicated by a panel of purchasing managers in the public and private sectors from across Canada.

The gauge of employment fell to an adjusted 56.1 from 57.6 in July, while the inventories index dropped to 50.9 from 61.7.

The unadjusted PMI slipped to 64.6 from 65.2.

Reporting by Fergal Smith; Editing by Andrea Ricci