OTTAWA, Feb 5 (Reuters) - The pace of purchasing activity in
Canada surged in January, pulling out of a minor contraction the
month before, driven by an increase in companies' inventories,
the Ivey Purchasing Managers Index showed on Friday.
The seasonally adjusted index accelerated to 66.0 from 49.9
in December, exceeding analysts' expectations for a slight pick
up to 50.0. A reading above 50 indicates an increase in the pace
of activity.
The unadjusted index rose to 56.7 from 42.5.
The index showed a build-up in inventories, with the measure
rising to 61.5 from 50.8. Increased prices also sent the overall
index up, with the gauge of prices jumping to 71.6 from 61.9.
The Canadian dollar lost about 1 percent against the greenback
in January.
The employment measure fell to 55.1 from 59.7, suggesting
firms were struggling with the weak economy.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Canada Ivey PMI data and growth: http://link.reuters.com/hyp75t
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>