Global markets: Canada sees largest drop in quarterly GDP in 6 years

By Commodity News Service Canada

WINNIPEG, MB, August 31, 2016 (CNS Canada) – The following is a glance at the news moving markets globally.

CANADIAN GDP DECLINES IN Q2
Real gross domestic product (GDP) decreased 0.4 per cent in the second quarter, after increasing 0.6 per cent in the first quarter. This was the largest decline in quarterly GDP since the second quarter of 2009, Statistics Canada said in a report on Wednesday.

Excluding the impact of the large decline in crude petroleum output, which was due to continued weakness in the energy sector and the wildfire in Fort McMurray, real GDP grew 0.1 per cent.

GDP IN CANADIAN GOODS-PRODUCING INDUSTRIES ADVANCES IN JUNE
Goods-producing industries increased 1.6 per cent in June. Mining, quarrying and oil and gas extraction contributed the most to the gain, mainly because of a rise in non-conventional oil extraction, as capacity gradually returned following the Fort McMurray wildfire and evacuation in May. Manufacturing and utilities also rose, while construction and the agriculture and forestry sector decreased, Statistics Canada said in a report on Wednesday.

US PRIVATE SECTOR ADDS JOBS IN AUGUST
The American private sector added 177,000 jobs in August, according to reports out of the country on Wednesday.

CRUDE WEAKER IN EARLY ACTIVITY, BUT ON TRACK FOR MONTHLY ADVANCE
Crude oil futures have had a bearish tone over the past few sessions, pressured by advances in the US dollar and increased production.

However, analysts say the market is on track for gains on the month, buoyed by the expectation for an output.

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