Canada's services PMI fell to 46.8 in August, hitting a six-month low amid escalating trade tensions with the United States. The contraction follows the imposition of new 50% tariffs on Canadian imports. Business activity and new contracts dropped significantly as geopolitical instability weighed on the sector.
Canada Services PMI Hits Six-Month Low
Canada services economy contracted at its steepest pace in six months during August. Rising trade tensions with the United States and geopolitical uncertainty weighed heavily on new business volumes.
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The headline Business Activity Index declined from 49.1 in July, marking the lowest reading since February, according to data from S&P GLOBAL INC. The new business measure fell to 46.1, down from 48.4 in the previous month.
