Canada’s economy continued its hot streak in May, riding broad-based growth led by a surge in oil output, beating already high market expectations and setting off another wave of buying in the high-flying Canadian dollar.
Statistics Canada reported that Canada’s real gross domestic product jumped 0.6 per cent in May from April, on a seasonally adjusted basis – triple the solid 0.2-per-cent growth that economists had predicted. That matched the strongest single-month growth that the economy has posted in the past six years. Compared with 12 months ago, real GDP was up 4.6 per cent – the fastest year-over-year growth in nearly 17 years.
Meanwhile, U.S. economic growth picks up in second quarter; wages continue to lag