December 04, 2024 at 02:34PM
Composite PMI 51.5 vs 50.7 prior
Services PMI rises to 51.2 from 50.4 in October, highest since April 2023
Employment growth hits 14-month high
Input costs remain elevated despite slowing from October peak
Export orders decline accelerates amid global conflicts and cost pressures
Paul Smith, Economics Director at S&P Global Market
Intelligence, said:
“November proved to be a relatively positive month for
the Canadian service sector, with activity rising for a
second successive month and to a stronger degree than
in October. However, the upturn was limited to some
extent by almost no growth in new business volumes, and
firms remain concerned over the underlying strength of
business conditions despite the stimulative impact on
economic activity of lower interest rates.
“That said, firms retain some confidence in the outlook
amid hopes of a more stable geopolitical environment
and further reductions in borrowing costs in the year
ahead. However, it’s worth noting that the latest
survey took place before US President-elect Trump’s
announcement of changes to US trade policy in 2025.
Although the scope and nature of tariffs on Canadian
goods and services remains uncertain at this stage,
already fragile confidence and economic growth is likely
to be hit again in the coming months.”
This article was written by Adam Button at www.forexlive.com.
