Canadian GDP declines by 0.2% in February. US ADP Employment increases in April. | CountingPips Forex & Currency Trading Blog

April 30, 2008 - Forex Economic News

Canadian GDP declines by 0.2% in February. US ADP Employment increases in April.

The Canadian Gross Domestic Product declined by 0.2 percent in February according to a report by Statistics Canada released today. February's decline follows a 0.6 percent increase in the Canadian GDP for January. Manufacturing and wholesale trade showed declining levels for the month after showing increases in January. Wholesale trade fell 1.4 percent in February after increasing by 2.8 percent in January while manufacturing fell 0.7 percent after increasing by 1.7 percent in January. The energy sector declined 0.9 percent for the month after increasing by 1 percent in January with the gas and oil extraction sector falling 0.7 percent in February. February's GDP decline was unexpected by market economists as forecasts were expecting a 0.2 percent increase for the month.

US ADP Employment report shows increase in April.

U.S. employment data was released today in the form of the ADP National Employment Report which showed an unexpected increase in jobs for April. Nonfarm private employment increased from March to April by 10,000 jobs and follows the February to March revised increase of 3,000 jobs. The increase in April jobs beat market forecasts that were expecting a decline of 60,000 jobs. The service-providing sector provided a boost to the employment numbers with a gain of 64,000 jobs in April while the goods-producing sector showed the biggest decline with a loss of 54,000 jobs. Manufacturing marked its 20th straight month of employment decline with a loss of 26,000 jobs. Large and medium sized businesses showed employment declines for the month while small businesses produced a gain of 42,000 jobs in April. The government nonfarm payroll employment report that is scheduled for release on Friday at 12:30 GMT(8:30 am EST).

Tags: canada gdp, economic growth, adp national employment, job report, automatic data processing

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