The Canadian economy grew 0.4 per cent in May, a fifth
consecutive monthly increase. Contributions to growth at the industry level
were broad based, with notable increases in real estate, wholesale and retail
trade, manufacturing, and professional services.
Based on two months of second quarter GDP data, we would
estimate that the Canadian economy grew a modest 2.2 per cent from April to
June. Today's strong release, along with
yesterday's impressive US GDP print, will likely dampen any market expectations
of future potential Bank of Canada easing which could exert upward pressure on Canadian bond
yields.
Copyright BCREA – reprinted with permission
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