Step Back for Economy in August

The Globe and Mail

"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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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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Indus had 1,23,073 mobile towers and Bharti Infratel owned 39,264 towers on standalone basis at the end of September. Bharti Infratel on Monday said it will explore acquiring additional stake in Indus Towers .

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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