UPDATE 1-Canada’s Ivey purchasing index surges in August

* Canada Ivey purchasing managers index 65.9 in August

* Analysts surveyed by Reuters expected 56
(Adds details)

TORONTO, Sept 8 (BestGrowthStock) – Purchasing activity in the
Canadian economy jumped much more than expected in August,
according to the Ivey Purchasing Managers Index released on
Wednesday.

The index, the joint project of the Purchasing Management
Association of Canada and the Richard Ivey School of Business,
rose to 65.9 in August from 54.0 in July. Market analysts had
been expecting a reading of 56 for the month.

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.

The Canadian dollar extended gains following the
stronger-than-expected reading, on the heels of a Bank of
Canada rate hike. The central bank acknowledged that the
economic growth projections in its July Monetary Policy Report
were too optimistic, and blamed the weaker economy in the
United States for the weaker domestic profile. [ID:nN08241537]

The employment, inventories, and prices components of the
index all stayed above 50 in August, while supplier deliveries
remained below where it has been for a year.

The series is not seasonally adjusted.
(Reporting by Ka Yan Ng; editing by Peter Galloway)

UPDATE 1-Canada’s Ivey purchasing index surges in August