September 7, 2018 / 2:48 PM / 10 months ago

Canada's Ivey purchasing index shows faster expansion in August

A shopper browses among winter coats at a department store in Mississauga, Ontario, Canada, October 19, 2017. REUTERS/Chris Helgren

TORONTO (Reuters) - The pace of purchasing activity in Canada, measuring the monthly variation in economic activity, edged up in August from July as employment and prices climbed, according to Ivey Purchasing Managers Index (PMI) data released on Friday.

The seasonally adjusted index rose to 61.9 from 61.8 in July, surpassing analysts’ expectations for 61.4. A reading above 50 indicates an increase in the pace of activity.

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

The unadjusted index rose to 61.3 from 56.7 in July.

The gauge of employment rose to an adjusted 59.6 from 55.3 in July, while the prices index firmed to 71.5 from 71.1.

Separate data on Friday from Statistics Canada showed that Canada shed 51,600 jobs in August as losses in part-time work overtook gains in full-time employment.

Reporting by Fergal Smith; Editing by Bernadette Baum

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