Canada’s gross domestic product (GDP) contracted by 0.3% in August, according to data released moments ago by Statistics Canada. This follows a revised 0.3% increase in July, which fell short of expectations (0.0%), coinciding with declines in both the goods and services sectors.

Specifically, goods-producing industries fell by 0.6% in August, marking their fifth contraction since the beginning of the year. Meanwhile, services industries declined by 0.1%, their first drop in six months, driven by contractions in the transportation, storage, and wholesale trade sectors.