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 out of London's Western University fended off expectations for a reading of 55.0. The actual came in at 62.3. Last month, the expectations were for 49.2 and came in at 58.2. Back in February, the estimate was for 53.4 and came in at 45.4.
The measure of employment edged up to 51.8 from 50.3, while inventories climbed to 59.5 from 53.2.
The index canvasses company purchasing managers as to their spending habits over the previous month, whether they increased, decreased or stayed put. A figure above 50 shows an increase while below 50 shows a decrease.
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