The pace of purchasing activity in the Canadian economy sped up unexpectedly in January from December, according to Ivey Purchasing Managers Index (PMI) data released on Monday.
The data showed the seasonally adjusted index climbed to 64.1 from 63.5 in the final month of last year, above the average of the past year. Analysts had forecast a drop to 59.5.
On an unadjusted basis, the index rose to 55.7 from 53.6.
A reading of 50 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 Ivey employment index slid in January to 55.2 from 60 in December, echoing a weak employment report from Statistics Canada last week, but still roughly in line with the three-month average.