The growth of Canadian purchasing activity picked up in February despite lower prices, inventories and employment compared with the previous month, the latest Ivey Business School data showed.
The Ivey purchasing manager's index rose to a seasonally adjusted 59.6 in February, up from 55.2 in the previous month and 55.0 in the prior-year period. The index measures monthly variation in economic activity as indicated by purchasing managers, with a reading above 50 signaling expansion.
The prices index slipped to a seasonally adjusted 64.2 for the month from 66.6 last month, while the inventories index dropped to 52.4 in January from 58.4 in the previous month. The employment index fell to 52.4 from 56.5.
The survey further showed that supplier deliveries picked up in February, with the index climbing to 53.7 from 46.4 in the previous month, topping the 50 mark for the first time since November 2016.
