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In August 2025, the S&P Global Canada Services PMI Business Activity Index declined to 48.6 from 49.3 in July, indicating an eighth straight month of service sector contraction. This slowdown was largely due to weak demand and uncertainties surrounding tariffs. Notably, new export sales experienced their sharpest decline since April, as international clients delayed their commitments. Business confidence regarding future prospects weakened, remaining below its historical average. However, there was still some optimism, linked to the potential for reduced interest rates. Despite these challenges, firms continued to hire for the fourth consecutive month to handle workloads, leading to a reduction in backlogs. On the pricing front, though tariffs and wage pressures kept costs elevated, there was a decrease in inflation, which reached its lowest point since January.
