Economy Stumbles Again
Canada's economy contracted 0.3% in August, reversing July's rebound. The country's real gross domestic product (GDP) fell 0.3% in August, below economists' expectations for no change.
The decline erased most of July's 0.3% rebound, according to Statistics Canada. Declines were seen in a dozen industries, with utilities (-2.3%), transportation and warehousing (-1.7%), and wholesale trade (-1.2%) posting the largest drops.
The weak GDP reading adds to signs the broader economy is losing momentum. Canada's unemployment rate held at 7.1% in September, while youth unemployment climbed to 14.7%, the highest since 2010 outside of the pandemic years.
Economists don't expect the Bank of Canada to deliver additional rate cuts this year, despite the softness.
Canada's economy is losing momentum.
Author's summary: Canada's economy contracted 0.3% in August.
More News
- Witnessing from afar: Reflections on Farming the Revolution
- Baseball: LA Dodgers beat Toronto Blue Jays 3-1 to force decisive World Series game seven
- From Reimagining Capitalism to Reweaving Ourselves: Leadership for a Sustainable and Caring Future in a World on Fire — Harvard ALI Social Impact Review