Economy Took on 0.8% in October - InvestingChannel

Economy Took on 0.8% in October

Growth didn’t slow down as the leaves changed.

Figures released Thursday by Statistics Canada show real gross domestic product increased by 0.8% in October.

Gains for the month were seen across most sectors, including manufacturing whose rebound of 1.8%in October more than offset a September contraction.

Statistics Canada says total economic activity in October was 0.4% below pre-pandemic levels recorded in February 2020.

The economy appears to have inched closer to closing that gap as Statistics Canada says preliminary data for November suggests a rise in GDP of 0.3% for the month.

Another gain in November would mark six straight months of economic expansion.

Statistics Canada will finalize November’s figures in early February.

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