Economy Grew 0.3% in April, Statistics Canada Reports

Canadian economic growth rebounded in April, but early indications suggested it failed to maintain the momentum into May. Statistics Canada said on June 28 real gross domestic product grew 0.3 percent in April—matching its initial estimate for the month—after remaining essentially unchanged a month earlier. However, the agency’s early reading for May suggested the pace of growth did not continue and slowed to 0.1 percent for the month. BMO chief economist Doug Porter said growth on balance was holding up a touch better than widely expected in 2024, but remained generally lacklustre. “For the Bank of Canada, this doesn’t change much, as growth is still a bit below potential, which likely means some further backup in the unemployment rate and some further moderation in underlying inflation,” Mr. Porter wrote in a report....