The Ivey Business School Purchasing Managers Index (PMI), measuring Canada’s economic activity, fell to 50.6 in February from an unrevised 54.7 in January. That was the lowest reading since last September 2018.

Economists had expected the gauge to hit 57.9. 

A figure above 50 shows an increase while below 50 shows a decrease. 

Within sub-indexes, the inventories indicator dropped to 52.2 in February from 53.6 in the prior month. At the same time, the prices index rose to59.8 last month from 57.4 in January, while the employment measure increased to 53.2 from 51.8 and the supplier deliveries gauge surged to 51.9 from 41.7.