Canada Services PMI Improves in July Yet Remains in Contraction Territory

Canada's services purchasing managers index (PMI) improved to 49.1 in July from 47.1 in June, according to S&P Global data. Despite the improvement, the index remains below the 50-point threshold, indicating continued contraction in the services industry. This persistent subdued activity is attributed to intensified price pressures and declines in output and sales.