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Industrial output was little changed for a second consecutive month in August, and early data suggests it decreased in September, Statistics Canada reported. The numbers imply gross domestic product advanced at an annual rate of 1.3 per cent in the third quarter, weaker than the Bank of Canada’s forecast of two per cent. (The Logic)
Talking point: “It looks like the Canadian economy has stalled,” economist Charles St-Arnaud observed. Energy prices were the main reason the Bank of Canada raised interest rates this week, but an upbeat growth forecast made the decision a slam dunk. Qualitatively, the latest GDP numbers aren’t so bad, as big declines in wholesaling and public administration (the latest census wound down over the summer) offset encouraging gains in manufacturing, retail, transportation and finance. The currency fell, as traders backed off bets that the central bank will raise rates again in December.
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