Canada June S&P Global services PMI 44.3 vs 45.6 prior | Forexlive

• Composite PMI 44.0 vs 45.5 prior

Key findings:

• Lack of new business weighs on activity
• Costs and selling prices rise at greater rates
• Confidence in outlook remains subdued

Comment:

Paul Smith, Economics Director at S&P Global Market
Intelligence, said:

“Canada’s services economy remained deep inside
contraction territory during June, as uncertainty
caused in the main by US trade policies continued to
weigh heavily on activity and new business volumes.
International demand was again especially hard hit,
and the outlook remains subdued given widespread
uneasiness and challenges in forecasting business
trends in the months ahead.

“Positively, firms added to their staffing levels in June
although, reflective of the uncertain outlook and rising
labour expenses, recruitment tended to be for part-
time workers. On the price front, operating costs rose
to the greatest degree since October 2022 which served
to push up selling prices at a faster pace despite the
challenging business environment.”