Tuesday, July 31, 2007

GDP Numbers

Statscan delivers the goods. Nothing exciting here.

0.3% growth in May, which gives us 2.5% y/y, and 2.8% annualized over the last quarter. Retail sales were unsurprisingly a large contributor. In contrast to the US, housing is not falling apart - home construction was flat, while resales and non-residential were up.

Yawn. Looks fine, though nothing to write home about.

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