GDP in January shaped up better than expected, gaining 0.1% M/M…

… on the back of a 0.2% rise in goods-producing industries, which offset stagnant growth in services GDP.

At the sector level, the print was carried by oil & gas extraction and construction…

… which notched a third straight sequential gain, driven by increased activity in engineering services - a category with long-term structural tailwinds.

That offset a 1.4% decline in manufacturing, owing to the prolonged vehicle production stoppage…

… which should be in the rear-view for February, with preliminary estimates calling for a 0.2% rise in GDP.

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