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Canada's economy grew 0.3% in May, more than double what StatCan expected. A good part of that was oil companies drilling and builders putting up apartments. Drilling has risen seven months in a row, up 7.3% in May. Construction rose everywhere. Neither one has produced anything. The wells aren't pumping and nobody has moved into the apartments. The work still counts in GDP the month it gets done, so the growth is real and it depends on demand that hasn't shown up yet. People are buying houses again. Agents and brokers had their biggest jump since October 2024. Oil sands operations that normally shut down for spring maintenance kept running. Some of that work got done earlier in the year and some got pushed back. Oil sands production won't rise for that reason again. What companies buy from each other, the consulting and engineering and accounting, hasn't grown once this year and is down 1% from a year ago. Businesses cut that when they're unsure about what's coming and right now they're cutting it.

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