Canadian Purchasing Accelerates in May

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.

via Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza