Canada's Economy Stalls as Factory Decline Offsets Housing

Highlights from Bloomberg:

• The recovery in goods production seen in recent months came to a halt in February, with those sectors recording a 0.3 percent decline in February after three straight months of gains.
• Manufacturers recorded a 0.6 percent decline in production, with the mining sector down 0.2 percent. On the upside, it’s all about real estate.
• The runaway housing market in Toronto was a major contributor to economic activity in February, fueling a 5.3 percent gain in output of real estate agents and brokers.
• Other sectors benefiting from the hot housing market was the finance and insurance sector as a whole, which posted a 0.7 percent gain.
• Construction was up 0.5 percent during the month. Gains in real estate and finance meanwhile are fueling demand for professional services like legal services.
• The professional, scientific and technical services component recorded a 0.5 percent increase, led by a 2.9 percent gain in legal services.
• From a year earlier, GDP is up 2.5 percent in February, the biggest gain since January 2015.

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