Statistics Canada on Friday showed the Canadian economy stalled in August after zero growth in July. Retail, manufacturing and construction gains were largely offset by declines in wholesale trade and public administration. Analysts had forecast August GDP +0.2%. Statistics Canada’s preliminary estimate indicates September GDP may have contracted 0.1%, which would cut Q3 annualized real industry output growth to 1.3%. Declines in manufacturing, mining and quarrying and oil and gas extraction wer

Statistics Canada on Friday showed the Canadian economy stalled in August after zero growth in July. Retail, manufacturing and construction gains were largely offset by declines in wholesale trade and public administration. Analysts had forecast August GDP +0.2%. Statistics Canada’s preliminary estimate indicates September GDP may have contracted 0.1%, which would cut Q3 annualized real industry output growth to 1.3%. Declines in manufacturing, mining and quarrying and oil and gas extraction were the main drivers of weakness. The pace would be well below the BOC’s latest Q3 annualized forecast of 2%. Services output fell 0.1%, with wholesale trade down 1.4% the largest drag; goods-producing activity rose and partially offset the services decline. Goods production accounts for roughly one-quarter of Canadian GDP.