Canada's Ivey PMI slumps in September as employment weakens

TORONTO (Reuters) - The pace of Canadian economic activity slowed sharply in September as a measure of employment declined, according to Ivey Purchasing Managers Index (PMI) data released on Friday.

The seasonally adjusted index tumbled to 48.7 in September after climbing to 60.6 in August, its highest since October last year.

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 fell to an adjusted 49.6 from 52.7 in August, while the inventories index dropped to 50.5 from 54.8.

The unadjusted PMI fell to 55.8 from 58.6.

Reporting by Fergal Smith; Editing by Andrea Ricci