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Canadian purchasing activity growth slows in May

Purchasing activity in Canada grew at slower pace in May compared to April, the latest data from the Ivey Business School showed.

The Ivey Purchasing Managers' Index fell to a seasonally adjusted reading of 62.5 in May from 71.5 in April. The index measures monthly changes in economic activity as indicated by purchasing managers across Canada, with a reading above 50 indicating an increase.

Price growth in May was lower than April, with the relevant index decreasing to 64.4 from 67.8.

Meanwhile, inventories increased, with the index rising to 55.0 from 52.4. Employment was also higher, coming in at 61.2, up from 57.0 in April.