Canada's economy may have returned to growth in April

Canada's economy likely expanded by 0.4% in April after two straight quarters of contraction, according to an advance estimate from Statistics Canada. The report suggests the country may have moved out of a technical recession, though analysts say the broader economy remains weak. The expected rebound appears to have been driven in part by higher oil drilling and nonconventional oil extraction, along with a pickup in manufacturing. RBC economists said goodsproducing sectors likely grew in April, but they also cautioned that recent monthly GDP data have been subject to frequent revisions. Economists and policymakers are watching the numbers closely because they arrive just before the deadline to renew the CanadaU.S.Mexico Agreement. The latest GDP release could influence the debate over the economy's direction, even as revisions may change how earlier months are interpreted.