Canada is booming. At least that’s the impression one gets when looking at May’s GDP results. The 0.6% growth (unannualized) during that month was simply stunning, leaving consensus expectations in the dust. The services sector remained as dependable as ever, registering its 21st consecutive month of gains despite the lack of hockey playoffs for Canadian teams (which hammered arts/recreation in May), as solid employment creation and a hot housing market powered retail spending and finance/insurance respectively. But the turnaround in the goods sector is what’s generating those strong growth numbers. Goods sector output is up almost 9% year-on-year, something not seen since 2010.
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