Canada’s August 2026 real GDP by industry came in unchanged at 0.0% month-over-month, aligning precisely with the narrow 0.0–0.1% outcome that commands 99.5% implied probability. Offsetting movements explain the flat print: retail trade rose 1.2% and manufacturing advanced 0.3% for a fifth gain in seven months, while wholesale trade fell 1.4% and public administration contracted amid the wind-down of census work. Goods-producing industries edged up 0.1% and services-producing industries declined 0.1%, leaving nine of twenty sectors higher. An advance estimate already points to a 0.1% September contraction, placing third-quarter annualized growth on track for roughly 1.3%, well below the Bank of Canada’s prior projection. Revisions to the August figure or a material surprise in the final September print remain the only realistic paths that could alter the current market-implied odds before resolution.