Canada’s GDP contracted by 0.1 percent in April, Statistics Canada reported, and said early indications are that the economy shrank by a similar amount in May.
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TRUMP CUTS OFF ALL TRADE NEGOTIATIONS WITH CANADA
On 27 June, Donald Trump announced the U.S. is immediately “terminating ALL discussions on Trade with Canada” after the U.S.’s northern neighbor is set to begin collecting a digital services tax on Internet companies, both Canadian and foreign.
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ELECTRIC UTILITIES INVESTING $200 BILLION IN NEW POWER INFRASTRUCTURE
U.S. power companies are on trend to invest $212 billion in new power plants and transmission lines this year to meet the ravenous demand for electricity among artificial intelligence (AI) data centers, according to an analysis by investment bank Jeffries Group.
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CONSUMERS’ MOOD BRIGHTENS IN JUNE
Consumers were significantly more optimistic about the U.S. economy in June than in May, according to the University of Michigan’s monthly survey of consumer sentiment.
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FED BOARD REDUCES BANKS’ CASH RESERVE REQUIREMENT
The largest U.S. banks will be allowed to keep less cash on hand as a reserve against bad loans after a five-to-two ruling last week by the U.S. Federal Reserve’s Board of Governors.
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CASH-STRAPPED GENERATION Z CUTS SPENDING
During this year’s first quarter, spending by Americans grew at a slower pace. However, spending by Gen Z’ers—young adults ages 18 through 24—actually fell, dropping 13 percent year on year.
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U.S. EXPORTS SLUMP IN MAY
U.S. exports fell 5.2 percent in May to $179.2 billion, reversing a 3.5-percent rise in April, according to census bureau data.
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400,000 U.S. FACTORY JOBS ARE BEGGING FOR WORKERS
Donald Trump’s dream of a U.S. manufacturing renaissance is running into a demographic wall: relatively few young workers are interested in taking a place on the factory floor.
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DOLLAR FALLS TO LOWEST VALUE IN THREE YEARS
On 26 June, the dollar touched its lowest value in three years against an assortment of the world’s other major currencies.
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U.S. HOME PRICES KEEP RISING
In April, U.S. home prices rose at an annual rate of 2.7 percent, down from 3.4 percent in March to mark their slowest annualized gain since mid-2023, according to the S&P CoreLogic Case-Schiller National Home Price Index.
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