August Canadian growth data from Statistics Canada
- Prelim forecast was +0.7%
- Prior was -0.1%
- Service producing +0.6% vs +0.4% prior
- Goods producing -0.1% vs -1.4% prior
- Q3 preliminary forecast +0.5%
- Sept preliminary forecast 0.0%
- Food services +5.4% vs +8.4% prior on reopening restaurants
- Accommodation services +11.3% vs +21.1% prior
- Transportation and warehousing +1.2% vs +1.1% prior
- Retail trade +1.8% vs -1.1% prior
- Manufacturing +0.5% vs -1.6% prior
For September, StatsCan writes:
Widespread increases led by mining, quarrying, and oil and gas extraction, wholesale trade and transportation were offset a by significant drop in manufacturing due to lower sales in transportation equipment and a decline in retail trade.
That's similar to the US advance Q3 report where it rose 2.0% but if you strip out autos it was up 7.2%.
Another big drag is the agriculture, forestry, fishing and hunting sector. Forestry was hit hard by forest fires and production curtailments after the U-turn in lumber prices. The 5.7% drop was proceeded by a 5.5% decline for the worst back-to-back losses since 1997. Lumber prices have since turned back higher.
GDP by sector:
