- Prior was 0.0%
- The advance reading for November was +0.1%
- Service producing industries +0.1% vs +0.1% prior
- Goods producing industries +0.6% vs 0.0% prior
- December advanced reading +0.3%
- Prelim Q4 estimate +0.3%
- Prelim 2023 estimate +1.5%
Non-durable goods manufacturing increased 1.2% in November, the largest monthly gain since May 2023, as all but three subsectors contributed to the growth in November. The chemical manufacturing subsector led the increase with a 1.9% expansion in November as a number of petrochemical plants continued ramping up production following maintenance-related shutdowns in the third quarter.
Also helping was the reopening of auto factories after the strikes/shutdowns in October.
The Canadian dollar has strengthened on these numbers, particularly the December advanced reading which was boosted by manufacturing, real estate, mining and energy.
These numbers should dissuade the Bank of Canada from cutting rates this quarter. We might now be waiting until June for the first cut.
Much of the angst in Canada right now is about population growth as the lone driver of GDP growth:
