CIBC Research discusses its reaction to today's Canadian GDP print for the month of November.
"October now looks to have been an island in the storm for the Canadian economy, as November saw a return to weakness. Real GDP fell 0.1% matching our forecast, but that now joins with the flat period for August-September to mark three of the last four months in which performance was lacklustre. October's manufacturing gain gave way to a pullback in November, joining weakness in Finance and Wholesaling, but softness was quite broadly based in the private sector," CIBC notes.
"Nothing shocking here after seeing weakness in earlier data for factories, wholesaling and retailing, but consistent with our tracking for GDP for Q4 to be roughly 1%. That leaves the Bank of Canada, like the Fed, decidedly on hold for the next couple of quarters," CIBC adds.