OTTAWA (Reuters) - The pace of purchasing activity in Canada slowed in August as employment growth slumped and inventories grew, according to Ivey Purchasing Managers Index data released on Wednesday.
The seasonally adjusted index fell to 52.3 from 57.0 in July. Analysts polled by Reuters had forecast the index would decline to 55.4.
A reading above 50 indicates an increase in the pace of activity. The unadjusted index rose to 53.8 from 49.4 in July.
The employment component dropped to 46.9 from 59.5 in July. Growth in inventories rose to 61.2 from 55.4, while supplier deliveries edged up to 46.1 from 44.7.
Growth in prices cooled to 56.7 from 57.5.
Reporting by David Ljunggren; Editing by Alistair Bell