Canada: Economy Sputters, But Home Prices Rise

Corporate purchasing activity in Canada slowed in June, further evidence that the economy is entering a soft patch, but new home prices jumped at twice the rate expected in May, according to data released on Thursday. The Ivey Purchasing Managers Index fell to 59.9 in June from 65.5 in May on a seasonally adjusted basis. The unadjusted index was 68.2, compared with 69.1 last month.

In a separate report, Statistics Canada said new home prices climbed 0.4 percent in May following a 0.3 percent rise in April, with the Toronto-Oshawa region of Ontario and Montreal contributing most to the gain. Analysts surveyed by Reuters had on average expected a gain of 0.2 percent in the month.

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