Canadian economy grew 0.1 percent in the month of November. There were some outsized movers in the month but the breadth of growth was strong as 15 of the 20 major sectors saw output rise, noted TD Economics in a research report.
Goods and services sides of the economy both grew by 0.1 percent sequentially each. Within goods side of the economy utilities saw a sharp rise of 2.1 percent, driven by unseasonably cold weather. This sector, along with construction, which grew 0.5 percent, was roughly sufficient to offset a 1.4 percent fall in mining, quarrying and oil and gas as the metals sector was hit by a temporary potash mine closure.
On the service side, strikes and pipeline disruptions drove a 0.9 percent fall in transportation sector activity, and both wholesale trade and arts and entertainment saw lower activity. These falls were countered by widespread gains elsewhere.
“The list of temporary factors weighing on the Canadian economy seems to grow longer every day, with the novel Coronavirus the latest addition. While it’s still a bit early to begin putting firm numbers on its economic impact, it is obviously another factor likely to drag on activity in early 2020. The tests of Canada's economic resilience continue”, added TD Economics.
