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Global markets: Canada’s GDP strengthens in July

By Commodity News Service Canada

WINNIPEG, September 30 – The following is a glance at the news moving markets globally.

CANADIAN GDP UP IN JULY
Real gross domestic product grew 0.5 per cent in July, led by higher output in the mining, quarrying, and oil and gas extraction sector. The rise in July followed a 0.6 per cent increase in June, which had essentially offset an equivalent decline in May, Statistics Canada said in a report on Friday.

CANADA’S INDUSTRIAL PRODUCT PRICE DECLINES
The Industrial Product Price Index (IPPI) declined 0.5 per cent in August, after increasing 0.2 per cent in July. Of the 21 major commodity groups, 2 were up, 11 were down and 8 were unchanged, Statistics Canada said in a report on Friday.

US CONSUMER SPENDING DROPS IN AUGUST
US consumer spending fell in August, declining 0.1 per cent when accounting for inflation, analysts said on Friday.

This is the first time in seven months that the country’s consumer spending has fallen, but market watchers say there is still room for overall economic growth to gain.

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