GDP in October was in-line with expectations, falling 0.3%…

… driven by a 0.7% decline in goods-producing industries, which anchored a 0.2% drop in services.

At the sector level, the weakness was broad-based…

… led by a 1.5% drop in manufacturing activity, which wiped out the majority of last month’s gains.

Workforce strikes were a secondary driver, with the teacher’s strike in Alberta and the Canada Post strike weighing on educational services and transportation & warehousing GDP, respectively.

We should see some stabilization in November’s print, with preliminary estimates calling for a 0.1% M/M gain.