OTTAWA - Canadian economic growth was stuck in neutral in July as the manufacturing sector pulled back for a second consecutive month. Statistics Canada said Friday real gross domestic product was essentially unchanged for the first month of the third qu
OTTAWA – Canadian economic growth was stuck in neutral in July as the manufacturing sector pulled back for a second consecutive month.
“The GDP growth backdrop in Canada continues to soften, in contrast to sticky inflation prints that are still running above the Bank of Canada’s two per cent target,” RBC economist Claire Fan wrote in a report.The manufacturing sector was the largest negative contributor for July as it fell 1.5 per cent. Non-durable manufacturing industries fell 1.4 per cent, while durable manufacturing industries declined 1.7 per cent.
Meanwhile, Statistics Canada said its early estimate for August pointed to an increase of 0.1 per cent for the month with increases in the wholesale trade and finance and insurance sectors, partly offset by decreases in the retail trade and oil and gas extraction sectors.
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