The S&P Global Canada Composite PMI recorded 47.1 in February 2026, up from 46.4 in January and remaining below the 50.0 no-change mark for a fourth straight month. Manufacturing improved to 51 from 50.4 in February, while services rose to 46.5 from 45.8, with the latter the main driver of the downturn. New business volumes declined for a fifteenth consecutive month and continued to weigh on output. Backlogs of work decreased markedly again as firms were easily able to keep on top of workloads. Employment contracted for a sixth successive month, albeit modestly, as firms pared staff or chose not to replace leavers. Business confidence edged up since January and reached its highest level since last October. On the price front input cost inflation softened to its lowest level since September 2024, while output charge inflation rose solidly and reached its greatest degree since July 2025. source: S&P Global

Composite PMI in Canada increased to 47.10 points in February from 46.40 points in January of 2026. Composite PMI in Canada averaged 48.91 points from 2020 until 2026, 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 47.10 points in February from 46.40 points in January of 2026. 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 288.00 260.00 Companies Jan 2026
Business Outlook Survey Indicator -1.78 -2.27 points Dec 2025
Ivey PMI s.a 56.60 50.90 points Feb 2026
Capacity Utilization 78.50 78.90 percent Dec 2025
New Motor Vehicle Sales 127248.00 148726.00 Units Dec 2025
Changes in Inventories -10099.00 13364.00 CAD Million Dec 2025
Corporate Profits 150155.00 151381.00 CAD Million Dec 2025
Corruption Index 75.00 75.00 Points Dec 2025
Corruption Rank 16.00 15.00 Dec 2025
Crude Oil Rigs 152.00 128.00 Feb 2026
Industrial Production -0.60 -1.70 percent Dec 2025
Industrial Production Mom 1.00 -0.90 percent Dec 2025
Manufacturing Production -2.20 -5.60 percent Dec 2025
Manufacturing Sales MoM -3.00 0.60 percent Jan 2026
Mining Production 1.50 3.70 percent Dec 2025
New Orders 68901901.00 71439257.00 CAD Thousand Jan 2026
CFIB Business Barometer 64.80 59.30 points Feb 2026
Wholesale Sales MoM -1.00 1.80 percent Jan 2026


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 Factory Activity Contracts for 4th Month
The S&P Global Canada Composite PMI recorded 47.1 in February 2026, up from 46.4 in January and remaining below the 50.0 no-change mark for a fourth straight month. Manufacturing improved to 51 from 50.4 in February, while services rose to 46.5 from 45.8, with the latter the main driver of the downturn. New business volumes declined for a fifteenth consecutive month and continued to weigh on output. Backlogs of work decreased markedly again as firms were easily able to keep on top of workloads. Employment contracted for a sixth successive month, albeit modestly, as firms pared staff or chose not to replace leavers. Business confidence edged up since January and reached its highest level since last October. On the price front input cost inflation softened to its lowest level since September 2024, while output charge inflation rose solidly and reached its greatest degree since July 2025.
2026-03-04
Canada Private Sector Activity Contracts Further
The S&P Global Canada Composite PMI recorded 46.4 in January 2026, down from 46.7 in December and remaining below the 50.0 no-change mark for a third straight month. Manufacturing stabilised in January, while services fell to 45.8 from 46.5, with the latter the main driver of the downturn. New business volumes declined for a fourteenth consecutive month and continued to weigh on output. Backlogs of work decreased markedly again as firms were easily able to keep on top of workloads. Employment contracted for a fifth successive month, albeit modestly, as firms pared staff or chose not to replace leavers. Business confidence softened since December and remained well below trend. On the price front input cost inflation softened to its softest rise since November 2024, while output charge inflation remained solid and little-changed compared with December.
2026-02-04
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