The Ivey Business School Purchasing Managers Index (PMI), measuring Canada’s economic activity, fell to 54.7 in January 2019 from an unrevised 59.7 December 2018. 

Economists had expected the gauge to hit 56.0. 

A figure above 50 shows an increase while below 50 shows a decrease. 

Within sub-indexes, the prices index dropped to 57.4 last month from 64.6 in December, while the employment measure declined to 51.8 from 54.0 and the supplier deliveries gauge decreased to 41.7 from 43.3. At the same time, the inventories indicator rose to 53.6 in January from 52.5 in the prior month.