Thursday, September 30, 2010

Canadian GDP Contracts

So much for the Canadian success story and the Bank of Canada raising rates. Statistics Canada says that Canadian GDP dropped 0.1% in the month, "confirming expectations that economic growth will continue to moderate in the third quarter".

  • Manufacturing declined 0.7 percent in the month,
  • Construction fell 0.5 percent,
  • Residential building construction down 2 percent.
  • Retail trade declined 0.5 percent, dragged down by furniture, home furnishings and electronic stores, mirroring weakness in the housing market.

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