Gross domestic product, measured by output per industry, was unchanged in August, as lockouts at CN and Canadian Pacific Kansas City disrupted transportation and manufacturing slumped. Preliminary data from Statistics Canada suggests the economy grew 0.3 per cent in September, implying an annual growth rate of about one per cent in the third quarter. (The Logic)

Talking point: The Bank of Canada’s latest quarterly economic outlook predicted growth at an annual rate of 1.5 per cent in the third quarter, a big drop from the central bank’s previous forecast and one of the reasons governor Tiff Macklem slashed borrowing costs by half a percentage point last week. The glass-half-full take on these numbers is that sluggish growth is better than the recession that many thought inevitable at the start of the year, amid surging inflation and a spike in interest rates. But the economy is clearly labouring—so much that another outsized rate cut could be needed at the central bank’s next policy meeting in December.