Canada’s services economy contracted in November at the steepest pace in five months as economic uncertainty led to declines for employment and new business, S&P Global’s Canada services PMI data showed on Wednesday.

The headline Business Activity Index fell to 44.3 last month from 50.5 in October, posting its lowest level since June. A reading below 50 shows contraction in the sector.

“Latest PMI data provided a sobering overview of Canada’s services economy as 2025 nears its end,” Paul Smith, economics director at S&P Global Market Intelligence, said in a statement.

“Output and new business volumes deteriorated considerably, adding further to an already elevated level of spare capacity in the sector. Firms widely reported that clients were unwilling to commit to new work given conside

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