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Krishen Rangasamy, analyst at National Bank Financial, points out that Canada’s real GDP was flat in July, taking the 3-month annualized increase to 1.8%.

Key Quotes

“Goods sector output fell 0.7% in July due to declines in all sectors except utilities, causing industrial production to drop 0.8%.”

“But that was exactly offset by 0.3% increase in services-producing industries. The latter was boosted by most sectors including wholesale (+1.1%), professional services (+0.8%) and real estate (+0.4%), which dwarfed declines in arts/recreation (-0.6%), info./culture (-0.3%), and transportation/warehousing (-0.5%).”

“On a year-on-year basis, Canada’s GDP was up 1.3% in July, with gains in services (+2.5%) more than offsetting declines in the goods sector (-1.8%).”