The S&P Global Canada Composite PMI recorded 46.7 in December 2025, up from 44.9 in November and remaining below the 50.0 no-change mark for a second straight month. Manufacturing edged up to 48.6 in December from 48.4 in November while services rose to 46.5 from 44.3, with the latter still the main driver of the downturn. New business volumes declined for the thirteenth consecutive month and continued to weigh on output. Backlogs of work decreased but to a much lesser degree than in recent months as firms operated with spare capacity. Employment was cut for a fourth successive month, with the rate of job losses slightly weaker than in November as firms pared staff. Business confidence improved but remained well below trend. On the price front input cost inflation remained elevated and little changed since November while output charge inflation rose solidly but at a pace that stayed below trend. source: S&P Global

Composite PMI in Canada increased to 46.70 points in December from 44.90 points in November of 2025. Composite PMI in Canada averaged 48.98 points from 2020 until 2025, reaching an all time high of 56.10 points in March of 2022 and a record low of 41.70 points in April of 2025. This page includes a chart with historical data for Canada Composite PMI.

Composite PMI in Canada increased to 46.70 points in December from 44.90 points in November of 2025. Composite PMI in Canada is expected to be 50.80 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Canada Composite PMI is projected to trend around 51.00 points in 2027 and 53.00 points in 2028, according to our econometric models.



Related Last Previous Unit Reference
Bankruptcies 273.00 328.00 Companies Nov 2025
Business Outlook Survey Indicator -1.78 -2.27 points Dec 2025
Ivey PMI s.a 51.90 48.40 points Dec 2025
Capacity Utilization 78.50 77.60 percent Sep 2025
New Motor Vehicle Sales 150800.00 165600.00 Units Nov 2025
Changes in Inventories 23692.00 27643.00 CAD Million Sep 2025
Corporate Profits 154240.00 143445.00 CAD Million Sep 2025
Corruption Index 75.00 76.00 Points Dec 2024
Corruption Rank 15.00 12.00 Dec 2024
Crude Oil Rigs 107.00 126.00 Dec 2025
Industrial Production -1.94 0.40 percent Oct 2025
Industrial Production Mom -2.44 2.32 percent Oct 2025
Manufacturing Production -3.17 -1.00 percent Oct 2025
Manufacturing Sales MoM 0.50 -1.20 percent Dec 2025
Mining Production 0.88 4.00 percent Oct 2025
New Orders 70904488.00 71731689.00 CAD Thousand Nov 2025
CFIB Business Barometer 59.50 59.90 points Jan 2026
Wholesale Sales MoM 2.10 -1.80 percent Dec 2025


Canada Composite PMI
The Composite Output Index is a weighted average of the Manufacturing Output Index and the Services Business Activity Index. The weights reflect the relative size of the manufacturing and service sectors according to official GDP data. The Composite Output Index may be referred to as the ‘Composite PMI’ but is not comparable with the headline manufacturing PMI figure. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
Canada Private Activity Contracts for 2nd Month
The S&P Global Canada Composite PMI recorded 46.7 in December 2025, up from 44.9 in November but remaining below the 50.0 no-change mark for a second straight month. Manufacturing edged up to 48.6 in December from 48.4 in November while services rose to 46.5 from 44.3, with the latter still the main driver of the downturn. New business volumes declined for the thirteenth consecutive month and continued to weigh on output. Backlogs of work decreased but to a much lesser degree than in recent months as firms operated with spare capacity. Employment was cut for a fourth successive month, with the rate of job losses slightly weaker than in November as firms pared staff. Business confidence improved but remained well below trend. On the price front input cost inflation remained elevated and little changed since November while output charge inflation rose solidly but at a pace that stayed below trend.
2026-01-06
Canada Private Sector Activity Back to Contraction
The S&P Global Canada Composite PMI recorded 44.9 in November 2025, down from 50.3 in October and back below the 50.0 no-change mark and the lowest in five months. Manufacturing fell to 48.4 in November from 49.6 in October while services plunged to 44.3 from 50.5, with the latter driving the downturn. New business volumes declined for the twelfth consecutive month and continued to weigh on output. Backlogs of work decreased sharply and at rates not seen since June 2020 as firms operated with spare capacity. Employment was cut to the greatest degree since mid-2020 as firms pared staff. Business confidence fell to a five-month low and remained below trend. On the price front input cost inflation eased to a three-month low but stayed elevated while output charge inflation was only marginal and the smallest in seven months.
2025-12-03
Canada Private Sector Activity Expands After a Year
The S&P Global Canada Composite PMI recorded 50.3 in October 2025, up from 46.3 in September, marking the first rise in private sector activity since November 2024. Both the manufacturing (49.6 vs. 47.7) and services (50.5 vs. 46.3) sectors showed strong recoveries, with the latter returning to marginal growth while new orders continued to fall and weighed on output. Backlogs of work decreased sharply and at steep rates as firms comfortably handled both new and existing contracts. Employment fell modestly as firms cut staffing amid spare capacity and weak demand. Business confidence remained below trend and lower than in September. On the price front, input cost inflation remained elevated despite softening slightly from September’s three-month high, while output charge inflation strengthened as selling prices were raised solidly but were limited by competitive pressures.
2025-11-05