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Canada’s Economic Resilience Continues
The Canadian economy is on the rebound and continuing to surpass the Bank of Canada’s expectations. As the economy reopens, we are likely to see continued strong growth accelerating from the pace being tracked for the quarter that is behind us. While May GDP met expectations with a dip of 0.3% m/m and April was revised down to -0.5% m/m (from -0.3%), the weakness during the second wave restrictions isn’t the surprising part of it all. What is somewhat surprising is the magnitude of the early guidance on June GDP. StatsCan says the economy rebounded by 0.7% m/m at a seasonally adjusted non-annualized pace. Given ... (full story)