Canada’s economy stalled in July. Was August any better?

Statistics Canada reported that real GDP by industry was essentially unchanged in July, after three months of expansion. Manufacturing and retail trade contracted, while construction and utilities helped offset some of the weakness. The agency’s preliminary estimate points to 0.2% growth in August, led by mining and retail; that estimate can be revised.

What it means: Has Canada’s economy returned to steady growth? The data do not establish that yet. A flat July followed by an early estimate for a modest rebound is a mixed monthly picture, and the August figure is provisional. The next releases will show whether activity broadened beyond a few sectors.