HomeWorld NewsSecond GDP estimate good, mining sector in Canada grows

Second GDP estimate good, mining sector in Canada grows

According to the US Department of Labor in the week ending June 24, the advance figure for seasonally adjusted initial claims was 239,000, a decrease of 26,000 from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 264,000 to 265,000. The 4-week moving average was 257,500, an increase of 1,500 from the previous week’s revised average. This is the highest level for this average since November 13, 2021 when it was 260,000. The previous week’s average was revised up by 250 from 255,750 to 256,000. The advance seasonally adjusted insured unemployment rate was 1.2 percent for the week ending June 17, unchanged from the previous week’s unrevised rate.
The advance number for seasonally adjusted insured unemployment during the week ending June 17 was 1,742,000, a decrease of 19,000 from the previous week’s revised level. The previous week’s level was revised up 2,000 from 1,759,000 to 1,761,000. The 4-week moving average was 1,757,500, a decrease of 13,000 from the previous week’s revised average. The previous week’s average was revised up by 500 from 1,770,000 to 1,770,500.

Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the first quarter of 2023, according to the “third” estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent.
The GDP estimate released today is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the increase in real GDP was 1.3 percent. The updated estimates primarily reflected upward revisions to exports and consumer spending that were partly offset by downward revisions to nonresidential fixed investment and federal government spending. Imports, which are a subtraction in the calculation of GDP, were revised down (refer to “Updates to GDP”).
The increase in real GDP in the first quarter reflected increases in consumer spending, exports, state and local government spending, federal government spending, and nonresidential fixed investment that were partly offset by decreases in private inventory investment and residential fixed investment. Imports increased.

In Canada Real gross domestic product (GDP) was essentially unchanged in April, following a slight uptick in March (+0.1%). Goods-producing industries edged up 0.1%, whereas services-producing industries (0.0%) were essentially unchanged. Overall, 11 of 20 industrial sectors posted increases.
Mining, quarrying, and oil and gas extraction (+1.2%) grew in April as all subsectors were up. This was the fourth consecutive month of growth in the sector.
The oil and gas extraction subsector rose 0.8% in April. This is the first time since the fall of 2021 that the subsector increased in at least four consecutive months.
Oil and gas extraction (except oil sands) led the growth with a 2.1% expansion in April 2023 following a tepid start to the year. Crude petroleum extraction contributed the most to the increase as increased production off Canada’s North Atlantic coast more than offset lower crude production in the west. Natural gas extraction, led by Alberta, continued to expand, reflecting continued natural gas storage replenishment.
Oil sands extraction edged down 0.1%, while support activities for mining and oil and gas extraction (+4.6%) grew for the third consecutive month, largely due to increases in both rigging and drilling activity in April.

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