Canada’s Ivey PMI shows activity rising at a faster pace in May

Canadian economic activity expanded at a faster pace in May as a measure of employment climbed, Ivey Purchasing Managers Index (PMI) data showed on Friday.

The seasonally adjusted index rose to 64.7 from 60.6 in April but stayed below the 10-year peak of 72.9 it notched in March.

The Ivey PMI measures the month-to-month variation in economic activity as indicated by a panel of purchasing managers in the public and private sectors from across Canada. A reading above 50 indicates an increase in activity.

The gauge of employment rose to an adjusted 67.0 from 58.0 in April, while the inventories index was 65.3, up from 59.4.

Less encouraging was a slowdown in deliveries, with the supplier deliveries index dropping to 34.8 from 37.8 in April.

The unadjusted PMI dipped to 59.8 from 59.9.

(Reporting by Fergal Smith; Editing by Chizu Nomiyama)