YoY 4.6%. The highest since 2000
The Canadian GDP for the month of May comes in better than expected at 0.6% vs 0.2% estimate. The YoY was also a beat at 4.6% vs 4.1%.
- 7th consecutive monthly increase
- YoY increase is the most since 2000
- Good producing industries up 1.6% led by mining, quarrying and oil and gas extraction
- Service industries were up 0.2%, led by finance and insurance services
- Manufacturing up 1.1% in May. This sector has been going up and down since the beginning of 2017
- Construction declines on Quebec strike. Fell -0.6%
- Retail trade was up 0.9%
- Real estate and rental leasing fell by -0.2%
Below are the % changes of the major sectors on the month. Overall all sectors with the exception of the Construction and "other" showed gains.
A great report and the USDCAD is moving lower in reaction. The USDCAD is trading back below its 100 hour MA at 1.2502. It currently trades at 1.2465.
