The Ivey Business School Purchasing Managers Index (PMI), measuring Canada’s economic activity, fell to 54.3 in September from 67.8 in August. The latest reading was the lowest since May.

A reading above 50 signals expansion, while a reading below 50 indicates contraction.

Within sub-indexes, the employment measure dropped to 53.8 in September from 56.1 in the previous month, the inventories indicator declined to 44.1 from 50.9 and the supplier deliveries gauge tumbled to 40.7 from 51.3. At the same time, the prices index increased to 60.3 in September from 57.6 in August.