Canada GDP for April 0.0% versus 0.2% expected

<ul><li>Prior month 0.0% revised to +0.1%</li><li>April GDP 0.0% versus 0.2% expected</li><li>goods producing industries up 0.1%</li><li>service producing industries 0.0%</li><li>11 of 20 industrial sectors posted increases</li><li>Advanced GDP for May is expected at 0.4%. The advanced number for April was expected at 0.2%</li></ul><p>Looking at some of the details: </p><ul><li>The manufacturing sector declined 0.6% in April, down for the first time in four months, as both durable and non-durable goods manufacturing were down in the month.</li><li>Transportation and warehousing (+0.4%) was up for the second consecutive month as six of nine subsectors increased in April.</li><li>Wholesale trade contracted 1.4% in April, as wholesaling activity declined in six of nine subsectors. This was the third consecutive month of decline in the sector. </li><li>The real estate and rental and leasing sector grew for a sixth consecutive month, expanding 0.5% in April. It is the sector's largest growth rate since December 2020.</li><li>Construction activity grew 0.4% in April, as lower residential building construction was more than offset by broad-based increases in other types of construction.</li><li>The public sector (educational services, health care and social assistance and public administration) experienced its first decline since January 2022, with a 0.3% contraction in April 2023. While both educational services as well as health care and social assistance remained flat, public administration recorded a large decline (-1.0%).</li><li>Mining, quarrying, and oil and gas extraction (+1.2%) grew in April as all subsectors were up. This was the fourth consecutive month of growth in the sector.</li></ul><p>GDP is muddling along over the last 3 months with 0.1%, 0.1% and 0.0% MoM numbers. Next month is looking better, however..</p><p>The USDCAD is backing off a bit from the swing area on the hourly chart between 1.3271 and 1.32853. The high prices 1.32729.</p>

This article was written by Greg Michalowski at www.forexlive.com.