Global Markets: Canadian economy grows in second quarter

WINNIPEG, July 30 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Statistics Canada reported on Friday that the nation’s economy had grown over the fiscal second quarter. In its preliminary estimate, the agency announced that Canada’s gross domestic product (GDP) grew at an annualized rate of 2.5 per cent. Real GDP, which is adjusted for inflation, declined in April by 0.5 per cent and in May by 0.3 per cent, but increased by 0.7 per cent in June. Statistics Canada also announced that total economic activity is one per cent below pre-pandemic levels.

– The United States Commerce Department reported on Friday that consumer spending increased by one per cent in June after slipping back 0.1 per cent in May. Consumer spending increased at an annualized rate of 11.8 per cent in the second quarter. However, the personal consumer expenditures (PCE) price index, which excludes food and energy, moved up by 0.4 per cent in June, raising fears of persistent inflation.

– Japanese Prime Minister Yoshihide Suga has expanded states of emergency to four more areas due to the rising number of new COVID-19 cases. The nation’s capital Tokyo reported a record number of 3,865 new cases of Thursday and another 3,300 more on Friday. The states of emergency will be in effect until late August during the 2020 Paralympic Games to be held in Tokyo, which were delayed by one year due to the pandemic.

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