The Ivey Business School Purchasing Managers Index (PMI), measuring Canada's economic activity, decreased to 26.0 in March from an unrevised 54.1 in February. This was the lowest reading on record.

Economists had expected the gauge to hit 41.

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

Within sub-indexes, the employment measure plunged to 26.8 in March from 54.7 in the previous month, the inventories indicator tumbled to 33.6 from 53.3, and the supplier deliveries gauge dropped to 17.7 from 41.8. Meanwhile, the prices index rose to 57.3 in March from 56.6 in February.