The S&P Global Canada Composite PMI declined to 47.9 in June 2026, marking the first contraction in 6 months in private-sector business activity, down from 50.8 in May. The decline was driven by weaker services activity, which more than offset a solid expansion in manufacturing output. New orders also declined during the month, pointing to softer demand. Despite the downturn in activity, private-sector employment continued to grow, although optimism regarding the future deteriorated. On the price front, inflationary pressures eased.