- Prior report 0.5% revised to 0.6%
- Canada GDP 0.1% versus 0.2% expected (the estimate from February was a 0.3% gain)
- The advance estimate for March -0.1%. For the quarter the advance information indicates a 0.6% increase for Q1.
- goods producing 0.1% versus 0.4% prior
- service producing 0.1% vs 0.6% prior
- 12 of 20 subsectors increased
- public-sector expanded 0.2% in February for the 13th consecutive month
- construction expanded for the 5th consecutive month by 0.3%
- wholesale trade declined -1.3 in February which partially offset the large January gain. 5 of 9 subsectors decreased in the month
- retail trade-0.5% recording its 1st decline in 3 months. Gasoline stations-5.3% as the volume of sales declined. General merchandise fell -3.3%. A weakening of consumer demand
- manufacturing fell -0.1% in February with nondurable goods manufacturing -0.3%. Durable goods was essentially unchanged
In February 2023, real GDP increased by 0.1%, with both services-producing and goods-producing industries experiencing a 0.1% growth. Out of 20 subsectors, 12 saw growth. The public sector expanded 0.2%, marking its 13th consecutive month of growth. Professional, scientific, and technical services rose 0.6%, while the construction sector expanded 0.3%. Finance and insurance increased 0.3%.
However, wholesale trade contracted 1.3% in February, with five of nine subsectors declining. Retail trade also experienced a 0.5% decline, driven by decreased activity at gasoline stations and general merchandise stores. The manufacturing sector slightly decreased by 0.1% due to a 0.3% decline in non-durable goods manufacturing, while durable goods manufacturing remained unchanged.
Advance information for March 2023 indicates a 0.1% decline in real GDP, with decreases in retail and wholesale trade sectors and the mining and quarrying subsector. The first quarter of 2023 saw an estimated 0.6% increase in real GDP by industry. Official GDP data for March and Q1 2023 will be released on May 31, 2023.
The USDCAD moved up to test the upper band of a swing area between 1.3650 and 1.3665. The high price today reached just above that level 1.3667 The price has backed off from that level and currently trades at 1.3641 as the market reacts to both the US and Canada data. A move above 1.3665 is needed to increase bullish bias. On the downside watch 1.36306 area as a short-term barometer.
