The Ivey Business School Purchasing Managers Index (PMI), measuring Canada’s economic activity, climbed to 72.9 in March from 60.0 in February. This pointed to the strongest expansion in economic activity since March 2011.

Economists had forecast the indicator to increase to 60.5 in March.

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

Within sub-indexes, the employment measure jumped to 62.7 in March from 54.0 in the previous month, while the inventories indicator rose to 61.7 from 57.8 and the supplier deliveries gauge increased to 39.6 from 38.6. At the same time, the prices index fell to 75.1 in March from 80.2 in February.