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Composite PMI Pushes To Highest Since September

CANADA DATA
  • The S&P Global Canadian services PMI increased from 45.8 to 46.6 in Feb.
  • Along with the manufacturing series last week rising from 48.3 to 49.7, it pushed the composite up from 46.3 to 47.1.
  • It's the highest composite since Sept but nevertheless still crudely points to negative real GDP growth on a historical basis.
  • S&P Global on composite price pressures: "Input cost inflation weakened over the month and was below its long-run average. A similar development was seen for output charges."
  • And on services specifically: “February’s survey showed the continuation of a subdued Canadian service sector, characterised by declining output and new orders. Although slower than seen in recent months and providing some hope the worst of the downturn has passed, activity and new work again fell markedly. […] There is however hope these factors will dissipate in the coming months,” encouraging “a mild increase in staffing numbers, which in part explained why labour costs were again cited as a principal driver of increased operating expenses.”

Source: S&P Global

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