- Prior month 0.0% revise to +0.1%
- May GDP 0.3% versus 0.3% expected
- Goods producing industries -0.3%
- Service producing industries +0.5%
- 12 of 20 industrial sectors posted increases
For the month of June ahead the projection shows:
- Advanced GDP estimate for June -0.2%
May GDP was aided by a rebound in wholesale and public administration; the latter boosted by the end of a government strike in April. However there was a drag from the oil and gas industry as companies curtailed operations due to forest fires.
That reversed in June but wasn’t enough to keep GDP positive due to softness in wholesale trade and manufacturing
The next report is due on September 1, 2023, which will also include the first Q2 reading.