- Previous month 0.3%
- May GDP 0.2% vs. 0.1% estimate. Advanced GDP released with April report was 0.1%
- GDP rose 0.1% in June. Construction, real estate, leasing, finance and insurance sectors also rose, while manufacturing and wholesale trade declined.
- Service-producing industries 0.1%
- Good productive industries 0.4%
- A total of 15 out of 20 sectors rose in May.
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- Manufacturing (+1.0%) led growth in May, rising for two months. This gain was the largest since January 2023.
- Nondurable goods +1.4%. The fastest growth rate since November 2023
- Durable goods rose 0.7%, with six of the 10 subsectors rising.
- Public sector up 0.8%
- The retail trade sector was the worst hit, down -0.9%.
- Food & Beverage -2.3%
- Health & Personal Care Stores -1.4%
- General merchandise -1.4%
- Automobile and parts dealers’ sales rose 0.8%.
- Wholesale trade also fell by -0.8%.
The USD/CAD pair is trading lower after the US and Canada data (execution costs data were lower ahead of the FOMC interest rate decision later today). Looking at the hourly chart, prices are below their 100-hour moving average at 1.38348. This is the first dip below this moving average since July 12. Staying below this moving average should keep the short-term bias focused on further downside exploration after the trend moves higher. A move outside the 200-hour at 1.37996 comes in near natural support at 1.3800.
This article was written by Greg Michalowski on www.forexlive.com.