TORONTO - Canada's services economy moved back into contraction in June as a decline in new business weighed on the sector's performance even as inflation pressures cooled, S&P Global Canada services PMI data showed on Thursday.
"Following a return to growth in May, Canada's services economy slipped back into the moribund trend that has so characterized its performance in the post-pandemic period," Paul Smith, economics director at S&P Global Market Intelligence, said in a statement."Activity and new business both fell at solid rates, amid reports of weak market demand."
The S&P Global Canada Composite PMI Output Index, which captures manufacturing as well as service sector activity, also slipped back into contraction in June, falling to 47.5 from 50.6 in May. Nancy Pelosi disclosed stock market trades made by her husband. He loaded up on AI plays like Nvidia and sold Tesla.
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