Step Back for Economy in August

"The unbelievable run of fantastic Canadian economic data is officially over, with growth coming back to reality in a hurry", Bank of Montreal chief economist Doug Porter wrote in a note to clients.

The Canadian economy hit reverse in August, its first monthly pullback since October previous year.

After a red-hot first half of the year, Canada's economy is cooling noticeably. Additionally, the economy grew at a 3.5% year-over-year clip, missing the 3.6% growth economists were anticipating.

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The agency also said that goods-producing industries contracted for the second consecutive month, declining 0.7%.

The loonie has been under pressure, falling about 7%, since shortly after the Bank of Canada surprised markets with a rate hike at its September meeting.

"The run of wonderful Canadian economic data is officially over, with growth coming back to reality in hurry", said Doug Porter, chief economist at BMO Capital Markets.

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If you are viewing this news story on another site, it was stolen and reposted in violation of global trademark & copyright law. The company has experienced volume of 2,063,095 shares while on average the company has a capacity of trading 2.82M share.

For that reason, many are pushing back their calls for when the Bank of Canada will again raise interest rates.

Last week, the Bank of Canada held rates at 1.00%. The Office of the Parliamentary Budget Officer said consumer spending is set to moderate, and housing activity expected to decline on tougher mortgage-financing rules and higher mortgage rates. Manufacturing recorded the biggest decline, with chemical manufacturing especially weak, reflecting both plant maintenance and weaker export demand. Durable manufacturing fell 0.1%.

Separately, Statscan said producer prices fell 0.3 per cent in September from August as a stronger Canadian dollar cut the cost of motorized and recreational vehicles.

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Epic Star Cards, which allow players to use extra abilities or weapons, will no longer be confined to loot crates. Hopefully, it will all translate when the game launches for PS4, Xbox One, and PC on November 17, 2017.

The service sector has seen a marginal growth, 0.1%. Those gains helped offset a 0.4% drop in the retail sector.

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