Canada's Economy Hits Pause Button in July
Canada's economy stalled in July, according to data released by Statistics Canada. The result was expected but still marks a weak start to the third quarter.
The country saw no growth in July after three consecutive months of expansion. An advance estimate pointed to a rebound in August, with a 0.2% increase.
The Canadian government bond yields reacted to the news by edging lower on Tuesday. The two-year yield was last at 3.365%, down 1.5 basis points or 0.44%. The benchmark 10-year yield was also lower, at 3.947%, down 2 basis points or 0.50%.
The sectors that saw weakness include manufacturing output, which fell by 0.9%. This was led by a decline in petroleum refining of 6.2%. Mining, quarrying and oil and gas extraction also declined for the second straight month at 0.5%.