2010.09.3009:51:00UTC+00Canada's Economy Contracts for the First Time in a Year in July

News:

• Real GDP edged down 0.1 pct in the month, matching market views and confirming expectations that economic growth will continue to moderate in Q3 - Statistics Canada
• Manufacturing declined 0.7 pct in the month, while construction fell 0.5 pct, with residential building construction down 2 pct
• Retail trade declined 0.5 pct, dragged down by furniture, home furnishings and electronic stores, reflecting weakness in the housing market
• The Cbank's current growth forecast is for a 2.8 pct annual rate in Q3 and 3.5 pct for the year