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Canada's purchasing activity growth cools in January

Canadian purchasing activity grew at slower pace in January compared to the previous month amid higher prices, the latest data from the Ivey Business School showed.

The Ivey purchasing manager's index fell to a seasonally adjusted reading of 55.2 in January from 60.4 in December 2017. The index measures monthly variation in economic activity as indicated by purchasing managers, with a reading above 50 signaling expansion.

The prices index rose to 66.6 from 62.5, and the inventories index jumped to 58.4 from 49.1. The supplier deliveries index decreased to 46.4 from 48.2, and the employment index went down to 56.5 from 56.7.