- S&P Global Canada Services PMI rises slightly to 47.8 in August from 47.3 in July
- Composite PMI came in at 47.8 in August, up from 47.0 but still indicating overall private sector contraction
- Third consecutive month of contraction in service sector activity
- New business volumes decline at steepest pace in six months
- Employment falls for first time in 2024
- Input cost inflation remains high, driven by wage pressures
- Business confidence slips to 7-month low
The Canadian service sector remained in contraction territory for the third straight month in August, with the S&P Global Canada Services PMI edging up to 47.8 from 47.3 in July. While the pace of decline eased slightly, the sector continues to face headwinds from weak demand.
