Canada’s economy stalled in November, with GDP flat at 0.0% mom and undershooting expectations for a modest 0.1% mom increase. The drag came from goods-producing industries, which fell -0.3% mom, marking the third decline in four months. Manufacturing and agriculture, forestry, fishing and hunting were the main contributors to the contraction.
By contrast, services-producing industries edged up 0.1% mom, supported by gains in retail trade, education, and transportation and warehousing. Overall, 10 of 20 sectors expanded.
Early indications point to a 0.1% mom rise in December GDP, with manufacturing and wholesale trade offsetting weakness in mining and energy—suggesting growth remains fragile but not rolling over.
