TORONTO, May 6 - The pace of purchasing activity growth in Canada cooled modestly in April, data showed on Tuesday, though employment jumped in a potentially positive sign ahead of the closely watched labor market report at the end of the week.
The seasonally adjusted Ivey Purchasing Managers Index declined to 54.1 from 55.2 in March, nearly in line with analysts’ expectation for 54.0.
A reading above 50 indicates an increase in the pace of activity. The unadjusted index tumbled to 51.1 from 61.8.
Both the employment and inventories indexes pulled out of March’s contractionary territory. Employment rose strongly to 56.2, while the inventories gauge climbed to 55.8. The government will release its employment report for April on Friday.
Supplier deliveries rose to 46.5, while prices declined slightly but still remained elevated at 70.5. (Reporting by Leah Schnurr; Editing by James Dalgleish)