Canada's economy shrinks 0.1% in October, StatsCan reports
UAW strike weighted down manufacturing sector which declined for the 4th time in 5 months
Canada's economy slightly shrank in October with real gross domestic product edging down 0.1 per cent, Statistics Canada reports.
This marks the first decline in eight months.
Economists had projected a flat GDP report for October compared with September, according to financial markets data firm Refinitiv.
The manufacturing sector was down for the fourth time in five months, declining by 1.4 per cent with transportation equipment manufacturing contracting the most at 2.5 per cent. The United Auto Workers (UAW) strike in the U.S. caused Canada to scale back production contributing to the decline.
Retail trade declined 1.1 per cent—it's largest decline in three years, while wholesale trade declined one per cent.
Some sectors and other industries edged up this month with oil production increasing by 0.1 per cent and real estate gaining 0.7 per cent.
With files from the Canadian Press.