Gross domestic product, measured by industrial output, rose 0.3 per cent from September, led by the largest increase in oil and gas extraction since the end of 2020, according to Statistics Canada. Miners also had a good month, with copper, nickel, lead, and zinc producers shining. The housing industry showed resilience amid falling interest rates, while output by makers of durable goods slipped 0.4 per cent on the month. (The Logic)

Talking point: The data is a reminder that Canada’s economy continues to muddle along despite the negative vibes generated by rising unemployment, elevated living costs and political chaos. Output from the oilsands surged 5.2 per cent, as facilities returned from summer maintenance, with some “reaching record levels,” aided by the opening of the Trans Mountain pipeline expansion to the Pacific Coast. But the economy may need to to push through the headwinds that are gathering, including Donald Trump’s tariff threats. The economy’s trajectory remains below the Bank of Canada’s forecast and Statistics Canada said preliminary data for November suggest GDP contracted 0.1 per cent.