OTTAWA - The pace of purchasing activity in Canada, measuring the monthly variation in economic activity, picked up in July amid increases in employment and higher prices, according to Ivey Purchasing Managers Index (PMI) data released on Wednesday.
The seasonally adjusted index rose to 54.2 from 52.4 in June, surpassing analysts' expectations for 53.0.
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 56.6 from 52.7 in June, while the adjusted supplier deliveries index fell to 46.0 from 48.9.
Meanwhile, the inventories index declined to an adjusted 46.9 from 50.9, while the prices index jumped to an adjusted 59.2 from 55.0.
The unadjusted index fell to 51.2 from 53.7.