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In January 2026, the S&P Global Canada Composite PMI was recorded at 46.4, slightly down from December's 46.7, marking the third consecutive month below the 50.0 threshold, which indicates no change. The manufacturing sector showed stability, whereas the services sector experienced a drop, falling to 45.8 from 46.5, and serving as the primary factor in the overall decline. New business volumes continued their downward trend for the fourteenth consecutive month, thereby exerting pressure on output levels. Additionally, backlogs of work saw a significant reduction as firms were readily managing their workloads. Employment contracted for the fifth month in a row, although the contraction was minor, as businesses either reduced staff or opted not to fill vacant positions. Business confidence softened since December, remaining significantly below the typical trend. Regarding prices, input cost inflation eased to its lowest rate since November 2024, while output charge inflation remained robust and largely stable compared to December.
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