Canada’s Ivey PMI shows activity accelerating in March

TORONTO (Reuters) – Canadian economic activity expanded at a faster pace in March as employment and inventories both climbed, Ivey Purchasing Managers Index (PMI) data showed on Thursday.

The seasonally adjusted index rose to 58.2 from 51.6 in February.

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

The gauge of employment rose to an adjusted 60.3 from 59.4 in February, while the inventories index was up at 54.5, its highest since October, from 53.7.

The unadjusted PMI rose to 65.2, its highest since May, from 50.8.

(Reporting by Fergal Smith)