© Reuters. People shop at the Eaton Centre in Toronto, Ontario, Canada November 22, 2022. REUTERS/Carlos Osorio/File Photo
TORONTO (Reuters) – Canadian economic activity expanded at its fastest pace in nine months in January, Ivey Purchasing Managers Index (PMI) data showed on Tuesday.
The seasonally adjusted index edged up to 56.5 in January from 56.3 in December, posting its highest level since April.
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 dipped to an adjusted 57.2 from 57.9 in December, while the prices paid index was at 62.2, easing from 64.5.
The unadjusted PMI rose to 54.4 from 43.7.