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Canadian economic growth takes a breather

Published by Steve Coleman on November 04, 2011

Economic growth in Canada hit a three-month low in October, according to a new market survey.

While growth slowed, the RBC Canadian Manufacturing Purchasing Managers Index says growth for the month was still solid.

This month's numbers from the monthly survey say the number rang in at 53.7 for October, down from 55.0 in September.

Anything below 50 falls into negative territory. Anything higher than 50 indicates growth.

The survey says businesses had higher output in October and new orders. However, weaker economic conditions at the global level moved the overall number down a few notches.

"The Canadian manufacturing sector has been weathering external macro events and market conditions reasonably well, and we expect to see modest economic growth for the remainder of the year," said Craig Wright, RBC's senior vice-president and chief economist in a news release. "It is encouraging to see the RBC PMI holding its ground, particularly in light of softening manufacturing conditions in other corners of the globe."

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