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Canada GDP posts modest increase

August 30 2013

Canada’s gross domestic product increased 1.7 percent on an annualized basis following 2.2 percent growth in the first quarter, Statistics Canada reported today. Notable increases were recorded in retail and wholesale trade, the finance and insurance sector, professional services, as well as in the output of real estate agents and brokers.

Mining, quarrying, and oil and gas extraction decreased 1.7 percent in the second quarter, following two consecutive quarters of growth. Declines also occurred in manufacturing, the fourth quarterly decrease in a row, as well as in construction.

Growth in the staffing industry is strongly correlated with GDP growth, according to research from Staffing Industry Analysts. The Canadian staffing index, a measure of staffing activity in Canada, rose to a reading of 115 in July, up 5 percent from a year ago, which represents modest or flat expansion in demand.

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