Canada GDP rose 0.2% in July despite oil production disruptions
The upside surprise relative to market expectations for a 0.1% increase was largely accounted for by a smaller-than-assumed drop in nonconventional oil extraction despite transitory production disruptions at a major oil sands producer. A 3.2% decline in oil sands production nonetheless still subtracted about 0.1ppt from the headline increase. Underlying details were about as firm as expected. Manufacturing production jumped 1.2% and wholesale trade rose 1.4%. Activity at real estate brokerages increased for a second straight month. Utilities output jumped 2.1% although that should reverse as temperatures return to normal after an unusually hot summer. A sharp 1.5% pullback in residential construction activity was the main soft spot. Housing starts were down from earlier in the year over the last couple of months but are still running at a relatively solid 200k+level.
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