Yahoo finance canada8/24/2023 They expect higher interest rates to weigh on household spending and business investment, and a global slowdown to restrain export growth.įriday’s report supports that projection and suggests Canada’s economy is entering a softer patch. Governor Tiff Macklem and his officials forecast economic growth to moderate to an average of about 1% through the second half of this year and the first half of 2024. “We’re seeing it in areas like housing, we’re seeing it areas like consumer spending, where spending volumes at the retail level have really flattened out.” “We’re starting to see some evidence that almost 500 basis of points of tightening, compressed in a very short window of time, is starting to have an impact on the economy more broadly,” Robert Kavcic, a senior economist at Bank of Montreal, said on BNN Bloomberg Television. Although it will likely be revised, that’s slower than the 1.5% pace projected by the Bank of Canada earlier this month, and much weaker than the 3.1% growth in the first three months of 2023. Overall, the monthly gains - including April’s 0.1% boost - point to annualized growth of 1% in the second quarter. Canadian bond yields ticked higher the loonie initially rose, then gave back those gains. That followed a 0.3% expansion in May, matching the median estimate in a Bloomberg survey of economists. Preliminary data suggest gross domestic product decreased 0.2% in June, the first contraction this year, led lower by the wholesale and manufacturing sectors, Statistics Canada reported Friday in Ottawa. Wall Street Rekindles Risk-On ‘Goldilocks’ Trade: Markets Wrap Subway Offers Free Sandwiches That Come With a Lifetime CommitmentĬhina’s Push to Expand BRICS Membership Falters ![]() Largest US Grid Declares Emergency Alert For July 27īOJ Sends Yields Soaring With Surprise Change to Rate Limit (Bloomberg) - Canadian economic momentum decelerated in the second quarter after an unexpectedly strong start to the year.
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