US and Canadian GDP Growth Revised Upward

Both the Canadian and U.S. economies showed stronger-than-expected growth in the second quarter of 2024. The Canadian economy grew by 2.1%, surpassing the Bank of Canada's forecast of 1.5%, with notable increases in business investment and government spending. In the U.S., GDP was revised upward to 3%, driven by robust consumer spending and business investment, marking a significant improvement from the first quarter's 1.4% growth. Despite high-interest rates, consumer confidence has shown improvement, and inflation has moderated, suggesting a resilient economy. Corporate profits also rose in both countries, indicating overall economic health.