The Ivey Business School Purchasing Managers Index (PMI), measuring Canada's economic activity, fell to 60 in July from 61.6 in June. Economists had expected the gauge to hit 59.2. A figure above 50 shows an increase while below 50 shows a decrease.

Within sub-indexes, inventories gauge dropped to 55.8 last month (from 60.7 in June), and the deliveries indicator slip to 46.2 (from 46.9 in June). At the same time, prices measure surged to 69.2 (from 57.4 in June), and employment gauge rose to 52.6 (from 50.0 in June).