On Friday, the S&P 500 and Toronto were each up 0.2%.
Statistics reported on GDP figures for May. The decline in real GDP was (estimated) at 0.6% annualized with the decline mostly attributed to lower oil sands production due to the Fort McMurray fires. Excluding the oil and gas industry there was still a 0.1% annualized decline as the construction sector contracted. Rail transportation, manufacturing and utilities were also down.
I’d be more concerned about these broader sectors than the oil sands contraction. The oil sands that would have been mined and processed during May would likely have contributed to a surplus and so is not a great loss. Also may of the workers will likely be paid for May even if they could not work. Therefore this particular loss may be more of a loss for the energy companies than for the general economy.
Statistics Canada also reported on food services and drinking places for May. Sales in full service eating places were about unchanged from the prior month. Overall the report would be considered neither good news nor bad news for those who hold Boston Pizza shares.