Investing.com - Canada's Ivey purchasing managers’ index expanded at a significantly faster rate than expected in May, hitting a 14-month high, industry data showed on Thursday.
In a report, the Richard Ivey School of Business said its purchasing managers’ index jumped to 63.1 in May from a reading of 52.2 in April.
Analysts had expected the index to increase to 57.0 last month.
A figure above 50.0 indicates industry expansion, below indicates contraction.
Following the release of the data, the Canadian dollar was lower against its U.S. counterpart, with USD/CAD gaining 0.07% to trade at 1.0351.
In a report, the Richard Ivey School of Business said its purchasing managers’ index jumped to 63.1 in May from a reading of 52.2 in April.
Analysts had expected the index to increase to 57.0 last month.
A figure above 50.0 indicates industry expansion, below indicates contraction.
Following the release of the data, the Canadian dollar was lower against its U.S. counterpart, with USD/CAD gaining 0.07% to trade at 1.0351.