The Canadian Economic Month at a Glance: July 2017

The economy has been advancing at a solid pace in recent months. Employment and GDP have seen solid increases, while trade and earnings have also made improvements. Employment rose by a strong 45,000 jobs in June, and weekly payroll earnings rebounded after a few dismal months, up 2.0 per cent from a year earlier. GDP was up 0.2 per cent from March to April, and an incredible 3.3 per cent over the previous 12 months. Export growth from April to May was solid at 1.3 per cent—but the year-over-year growth of 17.8 per cent was downright spectacular. All these positive signs have fuelled expectations that the Bank of Canada is set to raise interest rates, possibly as soon as next week.