Economy flat during October

Based on adjusted after-tax income, Statistics Canada says that Canadians in the highest income decile accounted for 23.7% of total after-tax income in the country in 2013, which is virtually unchanged from 2000.

Canadians will find out which way the up-and-down economy is headed this morning (at 8:30 Eastern) when Statistics Canada releases the Gross Domestic Product numbers for October.

A separate report showed that core retail sales, which exclude automobile sales, were flat in October, missing expectations for a 0.4% increase.

“As a result, the risks are skewed to the downside and we can not rule out further easing should we see continued material disappointment in Canadian economic growth”, he said.

Activity in the oil and gas extraction sector rebounded in October from a sharp drop due to production difficulties and shutdowns.

Total retail sales increased by a seasonally adjusted 0.1%, compared to forecasts for a 0.4% gain, after falling 0.4% in September.

Ontario and Quebec posted higher sales in the month, while retail receipts in British Columbia, Alberta and Nova Scotia declined. Volumes fell 0.3 per cent.