After four months on the move upward, the economy took a breather in October.
Figures released Friday morning by Statistics Canada showed that gross domestic product faded 0.3% in October. The agency attributes the drop to widespread decreases in manufacturing output and lower oil and gas extraction.
Goods-producing industries contracted 1.3% as manufacturing, mining, quarrying, and oil and gas extraction, construction, utilities and the agriculture and forestry sector all declined in October.
Service-producing industries edged up 0.1%, mainly due to increases in real estate and rental and leasing as well as retail and wholesale trade.
The nation's number-crunchers added that manufacturing output contracted 2.0% in October, the largest monthly decline since December 2013. Both durable and non-durable manufacturing were down, reflecting a lower volume of exports of manufactured goods.
