Economy stalled in August, Q3 growth looks to fall short of Bank of Canada estimates [Video]

The Canadian economy was flat in August as high interest rates continued to weigh on consumers and businesses, while a preliminary estimate suggests it grew at an annualized rate of one per cent in the third quarter.

Statistics Canada’s gross domestic product report Thursday says growth in services-producing industries in August were offset by declines in goods-producing industries. A preliminary estimate for September suggests real gross domestic product grew by 0.3 per cent.

Andrew DiCapua, a senior economist with the Canadian Chamber of Commerce, said economic momentum at the start of the summer doesn’t seem to be holding.

“There are signs that September growth is going to be positive, but if you look at a variety of different indicators, like hours worked being down, or even retail sales when you take out automotive vehicles, those are all pointing towards downward trends,” DiCapua …