Canadian labor productivity showed resilience in Q3, with output per hour worked posting gains that largely offset the earlier drag from US trade tensions. The rebound suggests businesses adapted faster than expected to tariff uncertainties. For risk asset watchers, this kind of macro stability matters—when productivity holds up despite external shocks, it typically supports currency strength and reduces pressure on central bank policy pivots. Worth noting that trade friction impacts aren't always linear; initial disruptions can trigger efficiency improvements as firms restructure supply chains. Still early to call this a sustained trend, but the Q3 data offers a counterpoint to the doom-and-gloom narratives around cross-border commerce headwinds.