Analysis

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Real gross domestic product rose 0.2% in September, following 0.4% increases in both August and July. Output of the goods-producing industries rose 0.5% in September as increased activity was recorded in manufacturing, mining and oil and gas extraction as well as utilities and construction. The service sector edged up 0.1%, with advances in retail trade, transportation and some tourism-related industries. Conversely, the finance and insurance sector retreated. The public sector (public administration, education and health care) was essentially unchanged for a second month in a row.

Manufacturing output rebounded 0.6% in September from a 0.2% decline in August. Manufacturers of durable goods increased production by 1.7%. Significant increases were recorded in manufacturing of machinery, and to a lesser extent, of furniture and related products, non-metallic mineral products as well as fabricated metal products. The decline in food manufacturing accounted for most of the 0.8% decrease in non-durable goods manufacturing.

Retail trade advanced 0.7%, largely due to increased activity at new car dealers, food and beverage stores, and electronics and appliance stores. Wholesale trade edged up 0.1%.

Output of the energy sector (+1.1%) progressed for a fourth consecutive month. Oil and gas extraction, electric power generation and support activities for mining and oil and gas extraction accounted for most of the growth. Increases in other metal ore mining (which includes uranium) and refineries contributed to a lesser extent.

Construction continued to rise, up 0.2% in September. Engineering and repair work as well as residential building construction increased while non-residential building construction declined. The output of real estate agents and brokers increased 3.2%.

The finance and insurance sector fell 1.0% after rising 1.4% in August. Most of the decrease came from lower volume of trading on the stock exchanges, following strength in August, and reduced sales of mutual funds. Output of insurance carriers was up 0.6%.

Third quarter 2011

Real gross domestic product rose 0.9% in the third quarter. Both the goods-producing industries (+1.4%) and the service industries (+0.6%) grew in the third quarter. The energy sector led the way, with notable increases also in manufacturing, construction, wholesale trade and the transportation and warehousing sector.

The energy sector increased 2.6% in the third quarter as crude oil extraction more than recovered from a period of maintenance activities and production difficulties at some oil fields. The extraction of natural gas declined however. Support activities for mining and oil and gas extraction increased (+7.1%) for a fourth consecutive quarter.

Manufacturing output rose 0.9% mostly on increased production of transportation equipment, machinery and chemicals. The manufacturing of food, wood and printed products declined in the third quarter.

Construction activities advanced 1.2%, as residential building construction and engineering and repair work rose. Non-residential building construction declined for a second consecutive quarter.

There were widespread gains in wholesale trade (+1.4%), most notably in the wholesaling of petroleum products, machinery and equipment and personal and household goods.

The transportation and warehousing sector grew 1.3%, partly as a result of the end of labour disputes in postal services. Truck and rail transportation also contributed to the gains in that sector.

The finance and insurance sector rebounded in the third quarter (+0.7%) after a decline of 0.7% in the second quarter.