The contraction came as firms employed less workers and wildfires contributed to a slowdown in new business
Canada ’s services economy contracted for a third straight month in August as firms employed less workers and wildfires contributed to a slowdown in new business, S&P Global Canada services PMI data showed on Thursday.
“The performance of Canada’s services economy remained subdued in August, with concurrent solid declines in both activity and new business signalled by the survey,” Paul Smith, economics director at S&P Global Market Intelligence, said in a statement. The new business index fell to a six-month low of 47.6, down from 49.2 in July, while the measure of employment dropped below 50 for the first time since last December.
“Companies were also subdued when assessing the outlook, signalling concerns that borrowing costs will remain too high, despite expectations of rate cuts in the coming months,” Smith said.
Activity Business Rate Services Time Slowdown Threshold Bank Of Canada Paul Smith S&P Global Market Intelligence
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