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Canada's Ivey PMI shows acceleration in July purchasing activity

TORONTO, Aug 7 (Reuters) - Canadian purchasing activity expanded at a stronger-than-expected pace in July, Ivey Purchasing Managers Index (PMI) data showed on Friday, providing additional evidence that Canada’s economy is recovering from the coronavirus crisis.

The seasonally adjusted PMI rose to 68.5 from 58.2 in June, surpassing analysts’ expectations for 57.5.

In April, when efforts to contain the coronavirus crisis halted business activity across the country, the index hit a record low of 22.8.

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 employment rose to an adjusted 57.6 from 52.8 in June, while the prices index climbed to 60.5 from 56.4.

The unadjusted PMI rose to 65.2 from 62.9 in June. (Reporting by Fergal Smith Editing by Nick Zieminski)