Canadian markets can wrap up September with comfort in what might be better news for the economy.
Statistics Canada reports that July GDP is advancing by 0.5 per cent.
Even though the Alberta wildfires happened in May, their impact is still significant as it was the bounce-back in the oil and gas sector by 19 per cent which really gave the economy some pop in the middle of the summer.
In addition, finance and insurance was up almost one per cent. Up 4.6 per cent from a year ago which makes it level as the services side of banking proportionally takes on a bigger part of our economy.
It seems the Canadian economy has steadied itself from negative impacts surrounding the Alberta fires, but October should be interesting to see how this recent pessimism shapes out with updated forecasts from the Bank of Canada.