Canada’s Ivey PMI shows activity expanding at record speed

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FILE PHOTO: Downtown buildings along the waterfront are seen from a landing commuter plane in Toronto

TORONTO (Reuters) – Canadian economic activity expanded at its fastest pace on record in March, Ivey Purchasing Managers Index (PMI) data showed on Wednesday.

The seasonally adjusted index rose to 74.2 from 60.6 in February, the highest since the PMI was launched in 2000 and eclipsing analysts’ expectations for 60.0.

The Ivey PMI measures the month-to-month variation in economic activity as indicated by a panel of purchasing managers from across Canada. A reading above 50 indicates an increase in activity.

The gauge of employment rose to an adjusted 62.5 from 60.3 in February, while the prices index was at 89.6, up from 88.5.

The unadjusted PMI rose to 68.4 from 62.2.

(Reporting by Fergal Smith; Editing by Marguerita Choy)