The misnamed chained dollar estimates for retail trade (a chain Fisher volume series) as well as the Lasspeyres estimates showed a 0.7% decline in the volume of retail trade in August, which would seem to have been below expectations since a 0.5% increase in nominal retail trade spending was forecast. Onoszcko says that: “The data support the contention the economy is slowing to more sustainable levels”, but it may be worse than that. The Bank of Canada thinks 1.0% to 1.6% is about the range for potential output growth. In July the economy grew by 0.05% at an annual rate; in August we could well grow at less than a 1% annualized rate.