TORONTO, (Reuters) – The pace of Canadian economic growth was the fastest ever recorded in March according to data from Ivey Purchasing Managers Index.

Seasonally adjusted index rose from 60.6 to 74.2 in February. This is the highest PMI since 2000. Analysts had expected it would be 60.0.

Ivey PMI is a measure of the monthly variation in economic activities as determined by purchasing managers across Canada. If the reading is above 50, it indicates that activity has increased.

In February, the employment gauge rose to 62.5 from 60.3. The prices index was up at 89.6 from 88.5.

Unadjusted PMI increased to 68.4 and 62.2, respectively.