Canada’s com ctness resumed growing in November, ex nding by 0.3 per cent from the month in the st, thanks mainly to increases in trade, manufacturing and oil and gas extraction.
The monthly evolution follows no growth at all in October and a drop of 0.5 per cent in September, Statistics Canada articled Friday.
That growth figure matched the consensus expectation of economists, who prominent that the gains were relatively broad-based, as goods-producing industries heightened by 0.4 per cent while service-producing industries rose by 0.2 per cent.
Wholesale and retail deal both grew, with wholesale trade surging by 1.3 per cent after undertaking for four months in a row.
Manufacturing output also grew, rising 0.4 per cent in November. Works output had fallen in both September and October.
“The bounce higher in November GDP was emboldening, although it still did not fully offset the 0.5 per cent decline in September that was aficionado ofed by flat activity in October,” noted RBC assistant chief economist ul Ferley.
“Because of this earlier inclination and despite the solid increase in November, fourth-quarter GDP is likely to remain unchanged in the quarter,” he im rted.
Some economists were less than impressed by the return to rise.
“The underlying story remains an economy that is struggling to post sustainable enlargement — most vividly highlighted by the fact that GDP has risen a microscopic 0.2 per cent in the days of old 12 months combined,” said BMO chief economist Douglas Attendant in a morning commentary.
Amid all the gloom in the energy sector, this morning’s GDP description said oil and gas extraction grew by 2.1 per cent in November. Non-conventional oil formation rose 3.4 per cent as the industry continued to recover from a big decline in September caused by production difficulties and maintenance shutdowns.
David Madani, of Savings Economics, thinks November’s growth was due, in rt, to “what we believe was a same short-lived rebound in oil production.” He thinks the Bank of Canada “command eventually have to cut interest rates again,” because of the urge onwards slide in oil prices since December.
South of the border, the U.S. Commerce Sphere of influence reported Friday that GDP in the final three months of the year slowed strictly to an annual growth rate of 0.7 per cent.
The weaker growth tread was in line with economists’ expectations. It followed annualized growth of 2.0 per cent in the third lodge.
Analysts put much of the blame on a slowdown in consumer spending. It grew at an annual regardless of 2.2 per cent, down from 3.0 per cent in the third area.