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GDP for most industries higher in May

Published by Stephanie Brooks on July 31, 2012

Real gross domestic product increased 0.1 per cent in May, after seeing a 0.3 per cent growth in April. While accommodation and food services, and wholesale trade were up, transportation services, construction and manufacturing, however, declined.

Retail trade rose 0.7 percent after a 0.9 per cent April decline, and wholesale trade edged up 0.1 per cent for the sixth consecutive month.

Manufacturing experienced a slight decline in May, with a 0.5 per cent drop. Durable goods production fell 0.6 per cent due to the lower manufacturing of machinery, computer and electronics, and primary metal. Durable goods manufacturing declined 0.3 per cent. 

Mining and oil and gas extraction rose 0.6 per cent, reflecting an increase the previous month. Oil and gas extraction grew as crude petroleum production continued to rise after maintenance and production difficulties in February and March. Natural gas production was also up in May.

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