The Ivey Business School Purchasing Managers Index (PMI), measuring Canada's economic activity, decreased to 22.8 in April from an unrevised 26.0 in March. This was the lowest reading on record.

Economists had expected the gauge to hit 25.0.

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

Within sub-indexes, the employment measure fell to 22.98 in April from 26.8 in the previous month and the prices index dropped to 51.2 from 57.3. Meanwhile, the inventories indicator rose to 34.5 in April from 33.6 in March and the supplier deliveries gauge increased to 18.2 from 17.7.