Canada's Ivey purchasing managers’ index expanded at a faster rate than expected in February, easing concerns over the country’s economic outlook, industry data showed on Thursday.
In a report, the Richard Ivey School of Business said its purchasing managers’ index rose to 57.2 last month from a reading of 56.8 in January. Analysts had expected the index to decline to 54.0 in February.
The survey solicits opinion from managers as to whether purchases increased, decreased or stayed the same each month from the month before. A figure above 50.0 indicates industry expansion, below indicates contraction.
