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S&P Global launches Canada Services PMI, completing G-7 coverage

S&P Global Market Intelligence, a provider of information services and solutions to global markets, today announced the launch of the S&P Global Canada Services Purchasing Managers’ Index® (PMI®). With the addition of the Canada Services indicator, S&P Global now produces a Manufacturing and Services Purchasing Managers’ Index for all Group of 7 (G-7) countries.

The S&P Global PMI series, produced by S&P Global Market Intelligence, is one of the most closely watched global business surveys, used by central banks, financial markets and business decision-makers for their ability to provide up-to-date, reliable and consistent monthly indicators on economic trends for more than 40 countries.

“The vast private services sector, ranging from hotels, hair salons and restaurants to banks, IT firms and management consultancies, contributes around half of Canada’s GDP, but high-frequency data and timely visibility into the sector’s performance has thus far been limited compared to other sectors, such as manufacturing, which accounts for less than one-tenth of GDP,” said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence. “It is also the part of the economy that tends to be most sensitive to changes in interest rates. The Canada Services PMI will provide markets and policy makers with an internationally comparable indicator to better understand changing business conditions in this exciting and important part of the economy.”

Based on survey responses from approximately 400 service sector companies, the PMI will cover both business and consumer services (excluding retail), encompassing hotels and restaurants, travel and transport, information and communication, finance and insurance, professional services, real estate and all other privately-provided services.

CT Bureau

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