UPDATE 1-Canada October Ivey purchasing managers index 56.7

* Ivey PMI at 56.7 in October vs 70.3 in September

* Analyst says data suggests abrupt slowdown
(Adds comments, details)

TORONTO, Nov 04 (BestGrowthStock) – Canada’s Ivey Purchasing
Managers Index stood at 56.7 in October, lower than expected
and down from 70.3 in September, according to data released on
Thursday.

A reading of 50.0 indicates that activity remained flat
from the preceding month, while a higher reading indicates an
increase and a lower reading reflects a slowing or decrease.

Markets had expected the index to slip to 65 in October.

The bigger-than-expected change suggests an abrupt slowdown
in economic growth, Jonathan Basile, vice president of
economics at Credit Suisse, said in a research note.

The Canadian economy is expected to slow further in the
third quarter, with the central bank projecting 1.6 percent
annualized quarter-on-quarter growth. The economy grew 2
percent in the second quarter and 5.8 percent in the first.

The index is the joint project of the Purchasing Management
Association of Canada and the Richard Ivey School of Business.

For details of this month’s index, please see
http://iveypmi.uwo.ca/english/graphs.htm
(Reporting by Louise Egan; editing by Jeffrey Hodgson)

UPDATE 1-Canada October Ivey purchasing managers index 56.7