The Canadian economy expanded by 0.2% month over month in July, beating preliminary projections from Statistics Canada. But preliminary data pointed to little growth in August.
Thirteen out of twenty industries reported growth in July, indicating a broad-based growth. Services-producing industries increased by 0.2% m/m, surpassing goods-producing industries by 0.1% m/m.
The GDP increased by 1.0% m/m in July for the second consecutive month, with the retail sector accounting for the majority of this rise.
A decrease in transportation (-0.4% m/m) as a result of wildfires somewhat offset gains in public administration (+0.4% m/m) and finance and insurance (+0.5% m/m).
On the goods front, utilities led the way with a 1.3% m/m growth, while manufacturing marginally improved and construction experienced a 0.4% m/m decline for the third consecutive month.
