TORONTO (Reuters) - The pace of purchasing activity in Canada showed a surprise pick-up in December as supplier deliveries rebounded, according to Ivey Purchasing Managers Index (PMI) data released on Monday.
The seasonally adjusted index rose to 59.7 from 57.2 in November, surpassing analysts’ expectations for 56.8.
The Ivey PMI measures the month to month variation in economic activity as indicated by a panel of purchasing managers from across Canada. A reading above 50 indicates an increase in the pace of activity.
The gauge of supplier deliveries rose to 43.8 after falling in November to 40.8, while the prices index increased to 64.6 from 63.7.
The unadjusted index fell to 48.2 from 57.3.
Reporting by Fergal Smith; Editing by Chizu Nomiyama