Canada August S&P Global Services PMI Aug 47.8 vs 47.3 prior

• 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.

This article was written by Adam Button at www.forexlive.com.