Canadian Weekly Review: November 3, 2023

by Charles Hong, Happysona Principal Economist

Real GDP by Industry Growth — August 2023: Stagnant growth influenced by elevated interest rates, inflation, forest fires, and drought conditions.

• Canada’s real GDP remained unchanged for the second consecutive month in August 2023.
• Output from goods-producing industries persisted in its six-month downward trend, decreasing by 0.2%. Notable declines were observed in the agriculture, forestry, fishing and hunting, and manufacturing sectors.
• On the other hand, services-producing industries saw a slight increase of 0.1%, primarily driven by the wholesale trade sector.

Labour Force Survey — October 2023: While the Canadian labour market shows signs of deceleration, its overall strength remains evident.

• Total employment increased by 17,500 in October 2023.
• The unemployment rate witnessed a rise from 5.5% to 5.7%, marking the first hike since July.
• The labour force strongly increased, up by 57,800.

S&P Global Canada’s Manufacturing PMI — October 2023: Deterioration observed in manufacturing business conditions.

• Canada’s manufacturing PMI nudged up to 48.6 in October 2023, signaling an ongoing slight contraction in the sector.
• Both new orders and output consistently showed marked reductions.
• Firms reported challenges in recruiting skilled personnel.

Upcoming data release:

During the week of November 6–10, Statistics Canada will release data on September’s merchandise trade and building permits.

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캐나다 주간 리뷰: 2023년 11월 3일