SaltWire's Atlantic regional weather forecast for November 3, 2023 | SaltWireTORONTO - 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.
The data"showed that the nation's vast services economy, the key contributor to overall economic output in Canada, remained mired in contraction territory during October," Paul Smith, economics director at S&P Global Market Intelligence, said in a statement. The new business index fell to 47.6 from 48.7 in September, pressured by increases in the cost of living and interest rates.
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