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RBC On Next Week’s Monthly GDP Report

CANADA
  • Released on Fri 28, RBC look for GDP to have increased 0.3% M/M in May, a tenth lower than the advance estimate.
  • Alberta wildfires likely weighed on oil & gas extraction, but stronger manufacturing production should support goods producing sectors along with a rebound in public admin with the end of the federal workers strike.
  • The June advance could be softer though with hours worked little changed in June.
  • That would still leave GDP growth tracking 1% annualized, between RBCs own 0.5% forecast and the BoC’s current 1.5%.

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