In November, Canada’s GDP by industry advanced 0.4 per cent on a “real” (i.e., inflation-adjusted) month-to-month basis, according to Statistics Canada. Annualized, that’s a 4.9 per cent growth rate. Service-producing industries (+0.5% month to month) outpaced goods production (+0.1%).
Also, after an annual revision of employment data as conducted by Statistics Canada, and taking into account current population figures, Canada now stands about 30,000 jobs short of where we were prior to the recession-induced decline that began in the fall of 2008—very respectable performance considering the severity of the recession. Canada lost 420,000 jobs in the recession and has gained almost all of them back.
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