CANADA

摘要

GDP grew for a sixth straight month in October, by+0.4% (m-o-m) compared with a +0.8% increase in September. In y-o-y terms, GDP was -3.5% below its level in October 2019. Nevertheless the report was positive, with both services (+0.5% m-o-m) and goods-producing industries (+0.1%) advancing. Professional, scientific & technical services rose +1 % (m-o-m) while financial & insurance rose +0.8%, helping to drive the services sector despite the rise in social distancing measures around this time. Accommodation & hospitality showed a sizeable decline (-3.9% m-o-m) as Covid restrictions on indoor dining came into play. On the industrial front, 16 out of 20 sub-sectors posted advances in October, but manufacturing was not one of them. Manufacturing dropped -0.8% (m-o-m) following upbeat gains in the previous five months, on the back of a -2.5% contraction in durables manufacturing, specifically in transport equipment, machinery and fabricated metal. Overall industrial production dropped by asmaller-0.4%. Our panel's 2021 GDP forecast has wavered, as has production.