Nov. 6 (Bloomberg) -- A Canadian gauge of spending by purchasing managers rose in October to the highest in five months, adding to evidence of a strengthening economy.
The Ivey purchasing managers’ index was 62.8 in October on a seasonally adjusted basis, following a September reading of 51.9, according to a statement on the website of Western University’s business school. Economists predicted the indicator would measure 52.0, based on the median of 11 forecasts. Readings of more than 50.0 show purchasing by governments and companies advanced.
While Canada’s economy struggled to build momentum in the first half of the year, recent indicators are suggesting it’s accelerating. Data released by Statistics Canada Oct. 31. showed the economy expanded at a 0.3 percent pace in August, pointing to the fastest quarterly expansion in two years. Canadian consumer confidence rose at the end of last month for the first time in five weeks, according to the Bloomberg Nanos Canadian Confidence Index.
The Ivey Employment Index fell to 51.7 in October from 53.5 the month before, while a gauge of inventories fell to 53.6 from 54.2 in September, according to the release.
An index of prices declined to 59.5 last month from 64, while the supplier deliveries index rose to 52.4 from 45.3 the month before.
To contact the reporter on this story: Theophilos Argitis in Ottawa at firstname.lastname@example.org
To contact the editor responsible for this story: Chris Wellisz at email@example.com