July 7, 2020 / 2:32 PM / a month ago

Canada's Ivey PMI shows purchasing activity expanding for first time in four months

The downtown skyline and CN Tower are seen past the eastern waterfront area envisioned by Alphabet Inc's Sidewalk Labs as a new technical hub in the Port Lands district of Toronto, Ontario, Canada March 29, 2019. Picture taken March 29, 2019. REUTERS/Chris Helgren

TORONTO (Reuters) - Canadian purchasing activity expanded in June for the first time in four months, according to Ivey Purchasing Managers Index (PMI) data released on Tuesday, providing another sign of economic recovery from the coronavirus crisis.

The seasonally adjusted PMI rose to 58.2 from 39.1 in May. It was the first time since February that the index was above the 50 threshold, indicating an increase in the pace of activity.

In April, when efforts to contain the coronavirus crisis halted business activity across the country, the PMI hit a record low of 22.8.

The PMI measures the month to month variation in economic activity as indicated by a panel of purchasing managers from across Canada.

The gauge of employment rose to an adjusted 52.8 from 41.9 in May, while the inventories index climbed to 61.8 from 46.8.

The unadjusted PMI rose to 62.9 from 42.1.

Reporting by Fergal Smith; Editing by Chizu Nomiyama

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