Canadian economy grows above expectations in Q2

Canadian economy grows above expectations in Q2

The Commerce Department said Wednesday that the economy had expanded at an annual rate of 3 percent in the second quarter of the year, better than initially estimated, and a substantial acceleration over the first quarter's lackluster 1.2 percent pace.

That was ahead of both the 3.7% that economists were expecting and the 3% that was anticipated by the Bank of Canada.

Chances of a rate hike as early as next week climbed to 37 per cent from around 20 per cent before the data, while investors see a almost 90 per cent chance of a hike by October, data from the overnight index swaps market showed. This despite slow economic growth this year and strained Brexit talks.

Canadian economy grows above expectations in Q2

SHORT TERM TRADER: Square but will sell on a daily close below 7300.

"It is the best quarter since the first quarter of 2015", said Mickey Levy, at Berenberg.

For his part, Donald Trump has welcomed this growth of the GDP considering that the administration was on the way to his goal of a 3% growth this year. Fallout from Hurricane Harvey may also trim third-quarter growth, though reconstruction is likely to help expansion in the following period.

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The department said increased consumer spending was the main reason for the growth.

USA economic growth was stronger than initially thought during the second quarter, a sign of momentum headed into the second half of 2017. Consumer spending have played their traditional role as the locomotive accelerating to 3.3 % from 1.9% in the previous quarter. But earnings began to recover a year ago as crude prices stabilized, and exporters are getting a boost because the dollar has weakened since early 2017.

The revisions indicate greater momentum going into the second half of 2017, as well as showing that growth in GDP - the value of all goods and services produced - may be broadening beyond household spending. It traded around 1.2650, rising on the renewed strength of the USA dollar and the tumbling down of oil prices.

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The quarterly GDP growth rate was above 3% eight times during President Barack Obama's eight years in office. "The market seems convinced that the Bank of Canada will wait until October, but the September meeting is now more likely", says CIBC. The report said 14 of 20 industrial sectors saw growth in June. The Feds found that "F$3 ixed nonresidential investment rose at a 6.9% pace last quarter, up from an initial estimate of 5.2%, including stronger spending on software". A revival in domestic energy production has contributed, but the big improvement so far this year has come in outlays for business equipment.

Stephen Stanley is the chief economist for Amherst Pierpont Securities, a broker-dealer providing institutional and middle-market clients with access to fixed-income products.

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On Sunday, the Federal Aviation Administration gave them the green light to begin sending rescue flights into Dallas , Texas. At the same time, 220 flights had been preemptively cancelled in the region with 40 cancelled on Sunday.

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