There was growth in the Canadian economy in August, the latest figures released by Statistics Canada.
But real GDP only edged higher by 0.1% following an unchanged reading in July; on a 3-month rolling average basis, GDP was up 0.5% compared to 0.8% in July.
August did bring some good news including a rebound for manufacturing which gained 0.5% are essentially stagnating in July. The rise in manufacturing production was primarily due to increased sales, as the inventory-to-sales ratio declined in August according to the Monthly Survey of Manufacturing.
Real estate brokers and agents provided a 1.9% gain for the legal, accounting, and related services sector (up 0.8% overall) with housing activity up in most Canadian urban markets.
The finance and insurance sector also gained in August, rising 0.5% and marking a fourth consecutive month of increases.
Construction gained 0.3% as the residential sector added 0.6% following a decline in July. growth in single-unit and multi-unit dwellings more than offset a decline in home alterations and improvements. Non-residential construction gained 0.2%, the eight time in nine months that this sector has seen increases in commercial, industrial, and public construction industries.
There was a 0.3% rise for the retail sector, which benefitted from the back-to-school spending spree having seen little increase since the end of 2018.
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