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CANADA DATA: Signs Of Excess Capacity Persisted During August - S&P Global

CANADA DATA
  • The S&P Global services PMI increased modestly from 47.3 to 47.8 in August, pushing the composite from 47.0 to 47.8.
  • First decline in employment of the year whilst prices charged increased at the fastest rate for three months.
  • "Signs of excess capacity persisted during August, with volumes of work outstanding declining for a twenty-sixth successive month. […] This also discouraged the replacement of leavers in August. Net employment declined for the first time in 2024 so far, although some firms noted difficulties in replacing staff with suitably qualified candidates."
  • "Higher salary and wage costs remained a key source of rising input prices during August. Overall, operating costs rose markedly, albeit to a slightly slower degree than in July. Wherever possible, service providers sought to pass on their increased costs to clients via a rise in their own charges. Latest data showed that prices charged increased at the fastest rate for three months, although inflation remained comfortably below the survey average."
  • Full press release here. 
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