The Ivey Business School Purchasing Managers Index PMI), measuring Canada’s economic activity, declined to 52.4 in June from an unrevised 55.9 in May. That was the lowest reading since February.

Economists had expected the gauge to hit 55.0.

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

Within sub-indexes, the inventories indicator dropped to 50.9 in June from 53.1 in the prior month, while the supplier deliveries gauge tumbled to 48.9 from 52.4, the employment measure decreased to 52.7 from 55.1, and the prices index fell to 55.0 last month from 59.5.