Investors have plenty of economic news from Canada and the United States to ponder at the start of trading Thursday.

The Canadian economy edged up 0.1% in July after posting a solid gain in June, Statistics Canada said today. Over the past three months the goods producing sector has been the main source of growth, StatsCan.

Yesterday, it was reported that U.S. GDP rose a stronger than expected 3.3% in the second quarter

The U.S. Commerce Department said personal income in the United States posted its biggest increase in three months in August, rising 0.4%, while personal spending was unchanged after rising strongly in July.

Meanwhile, U.S. initial jobless claims jumped by 18,000 due to the hurricanes in Florida

Crude oil futures eased in Thursday, continuing their slight downward trend following a surprise increase in United States commercial crude inventory.

In earnings news, PepsiCo said its third-quarter net profit rose 35%, helped by growth in beverage and snack volume, as well as a tax benefit.

U.S. drug giant Merck today announced a voluntary world-wide withdrawal of its Vioxx arthritis drug amid mounting safety questions and slashed its earnings guidance for the year

In other business news, Nortel Networks gave details of a previously announced job cut program Thursday, saying it is cutting 950 jobs in Canada and 1,400 in the United States among a total of 3,250 to be eliminated by next June. The total is down slightly from the rough number of 3,500 given in an August announcement by the global telecom equipment maker.

Technology shares saved the day on Wednesday for markets in both Canada and the U.S. as oil prices back off from the feared US$50 level.

At the close, Toronto’s S&P/TSX composite was up 16.9 points or 0.2% to 8,634.11, while the junior TSX Venture Exchange gained 15.13 points or 0.96% to 1,598.49.

In New York, the Dow industrial average climbed steadily in the afternoon to close up 58.84 points or 0.58% at 10,136.24. The Nasdaq advanced 24.07 points or 1.29% to 1,893.94, while the S&P 500 index was up 4.74 points or 0.43% to 1,114.8.