June 29, 2022 19:37 GMT
- CIBC see GDP up +0.2% M/M in April per the advance release and expect similar only modest growth for the May flash as well.
- “Declines in oil production and wholesale sales likely weighed on April’s figure, while advance data for May suggested a big drop in manufacturing shipments driven once again by the auto sector.”
- However, with the expecting dampening effects on growth expected to have come from industries where supply constraints have been prevalent, this will unlikely provide any reassurance that it will cool inflation.
- RBC look for +0.3% M/M in April and with a similar gain in May. They see activity being weighed on by the sharp pullback in housing markets but contrary to CIBC see oil & gas drilling & extraction rising and reopening sectors still rebounding.