TORONTO - Contraction in Canada's service sector deepened in October as inflation and higher borrowing costs weighed on new business activity, data from the first public release of the S&P Global Canada services PMI showed on Friday.
"Moreover, operating conditions faced by service providers are worsening at a greater pace, with both activity and new business declining to their greatest degrees since August 2022." The employment index dipped but remained above the 50.0 no-change mark for a second straight month as firms made efforts to fill long-held vacancies with suitably qualified staff. The need to pay higher wages added to cost pressures.The S&P Global Canada Composite PMI Output Index, which captures manufacturing as well as service sector activity, was also at its lowest level since August 2022, falling to 46.7 from 47.4 in September.
Eric Trump, one of two sons entrusted to run Donald Trump’s real estate empire, swore Thursday that he was never involved with financial statements that New York state lawyers say fraudulently puffed up the ex-president’s wealth and the worth of the family business.Eric Trump reacted angrily when grilled in court over his father’s financial statements, as he claimed he knew little about the documents at the heart of the family business’ $250 million civil fraud trial.