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Canada's Ivey purchasing index slid into contraction in September

An index measuring Canadian monthly economic activity plunged into contraction territory in September as employment fell, the latest data from the Ivey Business School showed.

The seasonally adjusted Ivey purchasing manager's index sank to 48.7 last month from 60.6 in August. The index gauges month-to-month variations in economic activity derived from a survey of Canadian purchasing managers. An index reading below 50 indicated a decline.

The employment index fell to 49.6 from 52.7, and the inventories index also dropped to 50.5 from 54.8. The supplier deliveries index rose to 50.2 from 49.9, and the prices index climbed to 56.9 from 51.3.

The weak reading followed Statistics Canada's monthly GDP report earlier this week showing that GDP came in flat in July after four consecutive months of growth, as goods-producing industries contracted.