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CANADA DATA: Service PMI Cost Inflation At One-Year High

CANADA DATA
GlobalCanadaData BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsRegionNorth America
  • The S&P Global Canada services PMI increased in October at 50.4 after 46.4, back above 50 into implied positive territory for its first time since May and before that May 2023.
  • It helped push the composite PMI up from 47.0 to 50.7.
  • The press release notes some positive developments: “There were reports of better market demand and firms were suitably encouraged to hire additional staff for the first time in three months.”
  • Highest cost inflation in a year: “Service providers pointed towards higher salary costs as a source of accelerated input cost inflation in October. Overall, operating expenses rose to the greatest degree for a year with respondents noting that vendors were increasingly willing to increase prices.”
  • But limited pricing power: “Several service providers sought to protect margins by raising their own charges, although competitive pressures served to limit pricing power. Output charge inflation subsequently remained modest in the latest survey period and unchanged since September.”
  • See the full press release here. 
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  • The S&P Global Canada services PMI increased in October at 50.4 after 46.4, back above 50 into implied positive territory for its first time since May and before that May 2023.
  • It helped push the composite PMI up from 47.0 to 50.7.
  • The press release notes some positive developments: “There were reports of better market demand and firms were suitably encouraged to hire additional staff for the first time in three months.”
  • Highest cost inflation in a year: “Service providers pointed towards higher salary costs as a source of accelerated input cost inflation in October. Overall, operating expenses rose to the greatest degree for a year with respondents noting that vendors were increasingly willing to increase prices.”
  • But limited pricing power: “Several service providers sought to protect margins by raising their own charges, although competitive pressures served to limit pricing power. Output charge inflation subsequently remained modest in the latest survey period and unchanged since September.”
  • See the full press release here.