Canadian May 2019 GDP data:
- Prior was +0.3%
- y/y GDP +1.4% vs +1.3% exp
- Goods +0.6%
- Services +0.1%
- 13 of 20 industrial sectors expanded
- Manufacturing +1.2% m/m
- Transport equipment +5.7% on strong motor vehicle production
- Construction +0.9%
- Residential construction +2.2% (strongest in more than a year)
- Wholesale trade -1.4%
- Mining, quarrying and oil and gas extraction -0.8%
Percentage points added/lost to monthly GDP:
- Manufacturing +0.13
- Construction +0.06
- Mining -0.06
- Wholesale trade -0.07
- Transportation +0.05
The monthly sequential rise has been +0.5%, +0.3% and +0.2%, which is a solid three-month stretch after a poor start to the year. However the momentum is slowing.
The details of the report have some strong points. The softness in energy was temporary on maintenance and will bounce back in June and the dip in wholesale trade was after four months of growth.
