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.