- Composite PMI 51.5 vs 50.7 prior
- Services PMI rises to 51.2 from 50.4 in October, highest since April 2023
- Employment growth hits 14-month high
- Input costs remain elevated despite slowing from October peak
- Export orders decline accelerates amid global conflicts and cost pressures
Paul Smith, Economics Director at S&P Global Market Intelligence, said:
“November proved to be a relatively positive month for the Canadian service sector, with activity rising for a second successive month and to a stronger degree than in October. However, the upturn was limited to some extent by almost no growth in new business volumes, and firms remain concerned over the underlying strength of business conditions despite the stimulative impact on economic activity of lower interest rates.
“That said, firms retain some confidence in the outlook amid hopes of a more stable geopolitical environment and further reductions in borrowing costs in the year ahead. However, it’s worth noting that the latest survey took place before US President-elect Trump’s announcement of changes to US trade policy in 2025. Although the scope and nature of tariffs on Canadian goods and services remains uncertain at this stage, already fragile confidence and economic growth is likely to be hit again in the coming months.”
