Canadian economy holds steady in May, Statistics Canada says

The largest declines were experienced in construction and manufacturing, while the transportation and warehousing sector saw the largest gains

CIBC senior economist Andrew Grantham said solid annualized growth in the second quarter means the Bank of Canada will likely go ahead with another supersized rate hike in September.That solid growth, combined with the details of today’s data which suggests supply constraints, rather than slowing demand, were holding back overall growth, means that the Bank of Canada is still on course to deliver another non-standard rate hike at its next meeting,” Grantham said in an email.

On Thursday, the U.S. Commerce Department said the U.S. economy contracted for a second consecutive quarter, but CIBC economists expect growth to bounce back over the remainder of the year.

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