The Ivey Business School Purchasing Managers Index (PMI), measuring Canada’s economic activity, fell to 48.2 in October from an unrevised 48.7 in September. That was the lowest reading since March 2015.

Economists had expected the gauge to hit 54.4.

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

Within sub-indexes, the inventories indicator fell to 45.6 in October from 50.5 in the prior month, while the employment measure dropped to 47.2 from 49.6 and the supplier deliveries gauge decreased to 45.1 from 50.2. At the same time, the prices index edged up to 57.0 in October from 56.9 in September.