Strong domestic consumption continues to support the Canadian economy, up1.5% m-o-m in April, and an impressive 8.2% y-o-y. Domestic demand is growing at its fastest pace in six years. Inflation and core inflation remained moderate in May, both up only 1.7% y-o-y. This is in line with ER&C�s forecast rates through year-end.
Recent economic indicators have generally been positive. Unemployment remains low. Trade continues to support growth. The BoC will remain on hold in the near future.
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