Canada’s shaky GDP data is the subject of this week’s commentary from Prab Sagoo, associate director at Nasdaq Advisory Services.
- Friday’s May GDP number all but rubber stamped the notion that Canada experienced a recession in the second quarter.
- Still, analysts remain relatively confident that the sharp weakening of the loonie will help boost the economy in the latter part of this year. Weak manufacturing numbers from the same GDP report have meant expectations are not overly optimistic yet.
- If we don’t get a pick-up in economic growth, expect further stimulative measures from Poloz.
- Employment figures are due out this Friday. The last report had a silver lining in that it showed full-time jobs were growing, though they were offset by some declines in part-time work.
- U.S. non-farm payrolls data is also coming out Friday. This will likely receive more attention and will be driving the markets late Thursday and Friday.