Latest news with #Andrew Harker
Yahoo
4 days ago
- Business
- Yahoo
Canada's services PMI rises to eight-month high in July as business confidence improves
TORONTO (Reuters) -The downturn in Canada's services economy eased in July as the pace of decline in new business activity slowed and firms grew more optimistic about the outlook for activity, S&P Global's Canada services PMI data showed on Wednesday. The headline Business Activity Index rose to 49.3 last month from 44.3 in June. That marked the highest level since November but still indicated a deterioration in activity. A reading below 50 shows contraction in the sector. 'The latest S&P Global Canada Services PMI provides reasons for hope that the challenging period faced by companies may be easing off," Andrew Harker, economics director at S&P Global Market Intelligence, said in a statement. The U.S. has increased tariffs on Canadian goods to 35% from 25%, but products covered by the U.S.-Mexico-Canada Agreement are exempt from duties. About 90% of Canadian exports to the U.S. in May were exempt under that trade agreement. The new business index rose to 48.7 last month from 46.6 in June, while the measure of future activity was at 60.9, up from 54.9, amid hopes for more stable market conditions. Some firms expected next year's FIFA World Cup soccer tournament to provide a boost. 'A jump in business confidence and another month of hiring suggests that firms may be gearing up for a return to growth in the near future, something which is sorely needed given the difficulties faced by companies over the first half of the year,' Harker said. The S&P Global Canada Composite PMI Output Index rose to 48.7 last month from 44.0 in June, posting its highest level since January. Data on Friday showed that Canada's manufacturing sector contracted for a sixth straight month in July. The S&P Global Canada Manufacturing PMI edged up to 46.1 in July from 45.6 in June. Sign in to access your portfolio
Reuters
01-08-2025
- Business
- Reuters
Turkish manufacturing sector contracts further in July, PMI shows
ISTANBUL, Aug 1 (Reuters) - Turkey's manufacturing sector lost further momentum in July, with muted demand leading to pronounced slowdowns in new orders and output, a survey showed on Friday. The Istanbul Chamber of Industry Türkiye Manufacturing Purchasing Managers' Index (PMI), fell to 45.9 in July from 46.7 in June, marking the third consecutive monthly decline and the most pronounced moderation since October 2024. PMI readings above 50.0 indicate growth in activity, while those below point to a contraction. Business conditions have now eased for 16 consecutive months, underscoring persistent challenges in the sector. A key theme of the latest survey was subdued customer demand and in turn new orders easing the most since March, the survey showed, while international demand also remained weak. Consequently, manufacturers scaled back production while employment and purchasing activity were reduced, and efforts were made to limit inventory holdings, the panel showed. Stocks of purchases eased to the largest degree since October 2024, while stocks of finished goods were markedly depleted following a slight rise in June. Currency weakness continued to drive sharp increases in input costs while selling prices rose at a slightly faster pace than in June. "There was little in the way of positive news from the latest Turkey manufacturing PMI as the challenges for firms in securing new orders percolated through the sector," said Andrew Harker, Economics Director at S&P Global Market Intelligence. "Manufacturers will be hoping to see some pick-up in demand conditions as the second half of the year progresses."
