OTTAWA, Aug 5 (Reuters) - The pace of purchasing activity in Canada jumped in July as employment growth accelerated, according to Ivey Purchasing Managers Index data released on Friday.
The seasonally adjusted index rose to 57.0 from 51.7 in June, handily surpassing analysts’ expectations for a decline to 50.9.
A reading above 50 indicates an increase in the pace of activity. The unadjusted index, however, shrank to 49.4 from 54.7.
The employment component led the adjusted gains, climbing to 59.5 from 52.5. But growth in inventories was nearly stagnant at 55.4 from 55.1, while supplier deliveries contracted further to 44.7 from 47.3.
Growth in prices cooled to 57.5 from 59.7.
Reporting by Leah Schnurr; Editing by Bill Trott