The Ivey Business School Purchasing Managers Index (PMI), measuring Canada’s economic activity, fell to 56.4 in July from 71.9 in June. This was the lowest reading since January.

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

Within sub-indexes, the employment measure dropped to 62.1 in July from 69.6 in the previous month, while the inventories indicator fell to 60.4 from 65.4, the prices index decreased to 77.1 from 79.4 and the supplier deliveries gauge declined to 31.1 from 37.9.