Canada services activity falls for fifth consecutive month
Canada services PMI rose to 47.2 in March marking a fifth month of contraction. High fuel costs and geopolitical uncertainty continue to delay new business.
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The services economy in Canada contracted for the fifth consecutive month in March, driven by geopolitical uncertainty and rising operational expenses. According to the latest report from S&P GLOBAL INC, the Business Activity Index rose to 47.2 from 46.5 in February. While this represents a five-month high, the figure remains below the 50.0 threshold that separates contraction from growth.
Another challenging month for Canada’s service sector was signalled during March, with activity and new business again falling, albeit at slower rates compared to recent months.
