Canadian economy shrinks slightly in October
by investor on 24/12/08 at 10:36 am
The Canadian economy contracted by a less-than-expected 0.1% in October as virtually all economic activity outside of service industries slowed, Statistics Canada said on Wednesday. But as the U.S. economy continues to cool, economists don’t foresee Canada’s resiliency lasting much longer.
Manufacturing, wholesale trade and real estate activity led the economy to the modest month-to-month retreat in October. Residential home construction and retail sales also fell, the federal agency said. The reading follows an 0.1% uptick in September and is better than what many had forecast.
The average estimate among economists, anticipating October to reveal the first signs of rapid cooling across the economy, was a contraction of 0.3%.
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