Statistics Canada provides the monthly release for the Gross domestic product by industry with data provided for the month of July. Real gross domestic product (GDP) edged down 0.1% in July following a 0.6% increase in June. Total economic activity in July was approximately 2% below the pre-pandemic level of February 2020.
Overall, 13 of 20 industrial sectors were up, led by a second strong monthly increase in the accommodation and food services sector. However, these increases were more than offset by declines in agriculture, utilities, manufacturing, and wholesale trade.
Preliminary information indicates an approximate 0.7% increase in real GDP for August. The increases in the accommodation and food, manufacturing, and retail trade sectors were partly offset by lower activity in agriculture, as drought conditions continued to impact crop production. Because of its preliminary nature, this estimate will be revised on October 29 with the release of the official GDP data for the August reference month.
The U.S. Bureau of Economic Analysis released information on personal income and outlays in August.
Personal income increased $35.5 billion (0.2 percent) in August according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $18.9 billion (0.1 percent) and personal consumption expenditures (PCE) increased $130.5 billion (0.8 percent).
Real DPI decreased 0.3 percent in August and Real PCE increased 0.4 percent; goods increased 0.6 percent and services increased 0.3 percent. The PCE price index increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.3 percent.
Personal outlays increased $132.6 billion in August. Personal saving was $1.71 trillion in August and the personal saving rate—personal saving as a percentage of disposable personal income—was 9.4 percent.
The PCE price index for August increased 4.3 percent from one year ago, reflecting increases in both goods and services. Energy prices increased 24.9 percent and food prices increased 2.8 percent. Excluding food and energy, the PCE price index for August increased 3.6 percent from one year ago.