The Ivey Business School Purchasing Managers Index (PMI), measuring Canada’s economic activity, fell to 60.6 in April from 72.9 in March.

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

Within sub-indexes, the employment measure dropped to 58.0 in April from 62.7 in the previous month, while the inventories indicator decreased to 59.4 from 61.7 and the supplier deliveries gauge declined to 37.8 from 39.6. At the same time, the prices index rose to 80.0 in April from 75.1 in March.