Gross domestic product, as measured by industrial output, contracted 0.1 per cent in May, while a preliminary estimate suggests the economy rebounded by a similar amount in June, Statistics Canada reported. (The Logic) 

Talking point: The economy also shrank in April, but after a strong start to the year as companies rushed to stockpile goods before the newly elected president could upend trade policy. Quarterly GDP is measured differently, but the monthly figures suggest annualized growth stalled in the April to June period, better than the 1.5-per-cent drop the Bank of Canada heralded Wednesday. Alas, surviving Trump’s tariff onslaught is different than succeeding amid extreme uncertainty and higher costs. Manufacturing rebounded in May, but output was still 1.1 per cent lower than in March. Separately, Statistics Canada reported that job vacancies plunged to their lowest level since October 2017, evidence that companies are hunkering down, not limbering up.