The pace of purchasing activity in Canada accelerated at a far faster pace than expected in May, helped by an increase in employment and inventory levels, the Ivey Purchasing Managers Index showed on Thursday.
The seasonally adjusted index rose to 62.3 last month from 58.2 in April, surpassing analysts’ expectations for a moderation to 55.5. A reading above 50 indicates an increase in the pace of activity.
The unadjusted index rose to 65.2 from 55.7.
The measure of employment edged up to 51.8 from 50.3, while inventories climbed to 59.5 from 53.2.