Government revises GDP growth up slightly over past 3 years

Canada's GDP grew more than expected in May fuelled partly by a 4.6 per cent increase in the mining quarrying and oil and gas extraction sector

"The strength in the loonie gives reason for pause from the Bank of Canada and weak inflation numbers give them the room to be patient", said Nick Exarhos, economist at CIBC.

Spending rose 2.8% in the second quarter as Americans bought more groceries and clothes and paid more for health care. In the first quarter, real GDP increased 1.2 percent (revised).

The recent slowdown in Toronto home sales following provincial measures to rein in the market was starting to weigh on economic growth, with activity at offices of real estate agents and brokers tumbling 6.3 percent.

The U.S. economy's second-quarter rebound puts the expansion back on its familiar, steady path more than it heralds anything new and exciting.

First-quarter economic growth was revised down to 1.2%. President Donald Trump had set an ambitious 3.0 percent growth target for 2017.

Prices of US government debt rose after the release of the data while the dollar initially fell against a basket of currencies.

The International Monetary Fund (IMF) also said on Thursday that it expected the US economy to grow at 2.1 percent this year and next, supported by solid consumption growth and a rebound in investment.

WhatsApp reaches 1 billion daily active users
WhatsApp has seen a rapid increase in Status users, with Facebook disclosing 175 million DAUs during its Q1 call back in May. WhatsApp rolled out the Snapchat like status feature a few months ago and even added a status tab only next to the home tab.

A resurgence in consumer spending accounted for the bulk of the pickup in economic growth in the second quarter.

But business stockpiling was a slight drag on growth after substantially adding to gains in the first quarter.

Annual wage growth has struggled to break above 2.5 percent.

The report could bolster expectations for another interest rate hike from the Bank of Canada, which earlier this month raised rates for the first time in almost seven years.

"Consumers continue to drive the economy's growth, but firmer business investment is also a plus", says Mark Zandi, chief economist at Moody's Analytics. Overall, personal spending contributed 1.93 percentage points to the top-line growth figure of 2.6 percent, including 1.02 percent from goods spending.

Consensus expectations were for an increase of 2.5% for the quarter. As a result, investment on nonresidential structures increased at a 4.9 percent pace, moderating from the January-March period's brisk 14.8 percent rate. Higher vehicle sales at new and used auto dealers helped the retail sector grow by 0.9 percent. Personal consumption expenditures (PCE) increased 2.8%, up from 1.9% in Q1.

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