SmartHomeOwners

Statistics Canada reported that the Canadian economy contracted unexpectedly in May, led lower by the mining and oil and gas sector. The country’s gross domestic product fell 0.3% during the month, following a flat performance in April and a 0.3% increase in March. Most economists had expected an advance by between 0.1 and 0.2% in May. This is not good news for Canadians looking for jobs.

South of the border, the U.S. economy grew less than expected in the second quarter as consumer spending barely rose and growth braked sharply in the prior quarter. GDP in U.S. rose at a 1.3% annual rate. Economists h ad expected a 1.8% increase in GDP in the second quarter. With the U.S. Treasury stating that the government will soon run out of money to pay all its bills, the fragile recovery is in greater danger. This will also impact other economies worldwide negatively.