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Canada Services PMI Rises to 48.3 in September, Fourth Straight Month of Contraction
S&P Global data released Monday: Canada's services PMI rose to 48.3 in September from 46.8 in August, still below the 50 threshold; business sentiment hit a five-month high.
Why it matters
Canada's services sector shrank for a fourth straight month in September, though the pace of decline eased. S&P Global's Canada services purchasing managers index rose to 48.3 in September from 46.8 in August, according to data released Monday. A reading below 50 indicates contraction.
Tariffs and uncertainty around the war in Iran continued to weigh on the sector: new business fell for a fifth consecutive month, with new export orders declining at a steeper rate than in August. Input costs kept rising — the input price index climbed to 62.2 from 61.7 — and services employment fell for the first time in four months, with the steepest reduction of the year so far.
Full report
There were some bright spots: business sentiment improved to its highest level since April, with the future activity index rising to 61.4 from 56.4 in August. "September once again proved to be a difficult month for businesses, with net reductions in output and new work both signalled," said Paul Smith, economics director at S&P Global Market Intelligence.
The S&P Global Canada Composite PMI edged up to 48.7 in September from 47.8, also stuck below 50 for a fourth month. Manufacturing softened but stayed in expansion territory for a sixth straight month, with its PMI cooling to 51.5 from 53.0.
Both Dow Jones Newswires and Reuters reported the figures. Reuters noted that rounds of counter-tariffs between the U.S. and Canada since early 2025, plus a U.S. import ban on many Canadian alcoholic beverages, motorcycles and dairy products that took effect last week, have deepened uncertainty for businesses.
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