Economics
Canada’s Economy Expands for 7th Month on Oil Extraction
- Reading bolsters view that more interest rate hikes are coming
- Still, 12 of 20 sectors shrank, including construction
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Canada’s economy grew for a seventh consecutive month in August, led by crude oil and financial services, keeping the momentum going for higher interest rates.
Gross domestic product climbed 0.1 percent on the month, Statistics Canada said Wednesday from Ottawa. That beat the median estimate in a Bloomberg survey for an unchanged reading.