Analysis

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Real gross domestic product rose 0.4% in November after growing by 0.2% in October. Oil and gas extraction led the way in November, followed by wholesale and retail trade, real estate and the finance and insurance sector. Manufacturing declined largely as a result of temporary plant shutdowns for retooling in the motor vehicle assembly industry and of shift reductions in the motor vehicle parts industry. Construction also decreased.

Mining and oil and gas extraction continue to strengthen

Oil and gas extraction grew 2.4% in November. This increase was mainly attributable to an increase in synthetic crude petroleum production following the completion of maintenance to upgraders. Natural gas production was unchanged.

However, support activities for mining, oil and gas extraction declined 3.4% due to decreases in rigging and drilling activities.

In mining, iron ore extraction grew 10.8% returning to its August level after two consecutive monthly declines.

Gains in wholesale and retail trade

Wholesale trade rose 1.5% in November on the strength of trade in machinery and equipment, farm products, building materials as well as food, beverage and tobacco products. Wholesale activity in motor vehicles decreased in the month.

Retail trade advanced 1.4% in November after a slight decline the month before. It was the second largest monthly increase in 2010 after the 2.1% gain recorded in March. Growth in November was mostly attributable to clothing and accessory stores, new car dealers as well as food and beverage stores. Retail activity at gasoline stations and home electronics stores declined.

Finance and insurance resume growth

The finance and insurance sector rose 0.7%. There were increases in the volume of trading on the stock exchanges, in personal lending and in mortgages. The sales of mutual funds declined.

Manufacturing dips

Manufacturing declined 0.8% in November. Most of the decline was the result of temporary plant shutdowns for retooling in the motor vehicle assembly industry and of shift reductions in the motor vehicle parts industry. Excluding the motor vehicle and associated parts industries, the manufacturing sector was down 0.2%. Output at refineries rebounded 4.6% following the end of maintenance work at various plants.

Real estate market up while construction drops

There was a widespread increase in the home resale market across the country in November, leading to a growth of 7.6% in the output of real estate agents and brokers. This marked a fourth consecutive monthly increase for this industry. However, its level of output was still 8% below that recorded in April.

Construction declined 0.4% in November. Residential building construction continued to retreat due to a reduced demand for single and double homes. Non-residential building construction decreased 0.2% while engineering and repair work edged up 0.1%.