The huge Alberta wildfires that shut down oilsands production helped force the Canadian economy to contract by 0.6 per cent in May -- the country's deepest one-month decline in more than seven years. CIBC chief economist Avery Shenfeld says while the non-conventional oil sector took a hit, it the weak headline number for May doesn't represent the overall trend. (Statistics Canada's latest reading for real gross domestic product revealed the extent of the economic damage caused by the wildfires that roared through the heart of Alberta's oilsands country and forced the evacuation of Fort McMurray.)

Date: 2016-07-29
Placeline: TORONTO.
Source: The Canadian Press
Length: 17 seconds

Transcript Prediction: << excluding that one sector GDP was down point one that is not the worst spot to be seen in a single event like that strip it out because we know that production will partly be bound in June and then be back more materially in July >>

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