Canada Composite PMI

The S&P Global Canada Composite PMI edged up to 47.8 in August 2024 from 47.0 in July, but remained in contraction in private sector activity for the third consecutive month. This decline was driven by comparable downturns in both manufacturing and services, with new orders dropping at the sharpest pace since February. Consequently, marginal job losses were recorded for the first time since December, while backlogs continued to decrease, highlighting excess capacity. Although input price inflation remained stable, firms raised output charges at the fastest pace since May. Confidence in future output dropped to its lowest level since January, underscoring growing concerns over the economic outlook.