Gross domestic product decreased 0.3 per cent in October, neutralizing September’s gains, Statistics Canada reported. GDP rose 0.1 per cent in November, according to an advance estimate. (The Logic)

Talking point: The economic surprise of 2025 is that Canada avoided a recession. But as the year ends, the economy is under siege. Factories recorded widespread declines in October, wiping out pleasantly surprising increases in September; output from wood manufacturing plunged 7.3 per cent after the U.S. raised lumber tariffs in October, the biggest drop since April 2020. Strikes by Alberta teachers and postal workers also impeded growth in October, as did maintenance work in the oilpatch. The finance industry posted record output, as bankers harvested fees from buoyant capital markets. Maybe banks will put some of those profits to work in the real economy in 2026.