Canada Services PMI

The S&P Global Canada Services PMI rose to 50.4 in October 2024, up from 46.4 in September, signaling a marginal expansion in the services sector for the first time in five months. Activity and new business volumes improved, driven by better market demand, which encouraged firms to hire additional staff for the first time in three months. While confidence in the outlook increased, with expectations of further interest rate cuts, rising salary costs led to the highest input price inflation since October 2023, although output price inflation remained modest. Despite weak export sales, overall sentiment improved, marking a positive shift in business conditions.