The Ivey Business School Purchasing Managers Index (PMI), measuring Canada’s economic activity, decreased to 67.8 in August from 68.5 in July (that was the highest level since April 2018). Economists had expected a decline to 65.0. A reading above 50 signals expansion, while a reading below 50 indicates contraction.

Within sub-indexes, the employment measure fell to 56.1 in August from 57.6 in the previous month and the prices index decreased to 57.6 from 60.5. At the same time, the inventories indicator edged down to 50.9 in August from 61.7 in July and the supplier deliveries gauge rose to 51.3 from 50.1.