The Ivey Business School Purchasing Managers Index (PMI), measuring Canada’s economic activity, decreased to 46.7 in December from 52.7 in November. That was the lowest reading since May.

A reading above 50 signals expansion, while a reading below 50 indicates contraction.

Within sub-indexes, the employment measure fell to 45.8 in December from 48.1 in the previous month, the inventories indicator dropped to 43.8 from 49.3 and the supplier deliveries gauge declined to 30.1 from 34.3. At the same time, the prices index increased to 66.9 in December from 66.1 in November.