- 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.”
