OTTAWA (Reuters) - The pace of purchasing activity in Canada jumped in August to a three-month high as employment picked up, according to Ivey Purchasing Managers Index data released on Friday.
The seasonally adjusted index rose to 58.0 from 52.9 in July, handily surpassing analysts’ expectations for 52.0. It was the highest reading since May.
The unadjusted index rose to 55.6 from 50.0. A reading above 50 indicates an increase in the pace of activity.
The employment component climbed to 56.3 from 49.1. The measures of inventories and supplier deliveries improved, though they both remained in contraction territory. Inventories edged up to 42.4 from 41.2, while supplier deliveries rose to 48.2 from 47.6.