A new report by CIBC Capital Markets, released June 12, says governments could be doing more in the battle against inflation by keeping a tighter grip on their wallets. Across the country, Canadians are struggling with rising costs in everything from groceries to rent. But the report said loose spending by governments is boosting growth,…
Bank of Canada Expected to Hold Interest Rate on Wednesday
Economists from Canada’s major banks predict that the Bank of Canada will hold its key interest rate steady at 4.5 percent on Wednesday, as inflation in the country continues to slow. “After announcing a conditional pause on interest rate hikes in January, the central bank is widely expected to make a second consecutive decision to hold,”…
Unemployment Rate Ticks up to 5.4 Percent in August as Economy Loses 40K Jobs
Canada’s unemployment rate was 5.4 percent in August, ticking up for the first time in seven months. The economy lost 40,000 jobs last month, Statistics Canada reported in its latest labour force survey, with the losses concentrated in the public sector. In July, the unemployment rate was 4.9 percent, the lowest rate since comparable data…
‘On the Pessimistic Side’: RBC’s Recession Projection Prompts Debate
The Royal Bank of Canada is predicting a short recession in the Canadian economy in 2023, a prediction economists say is not unreasonable but is also not certain. RBC analysts Nathan Janzen and Claire Fan predicted negative GDP growth of 0.5 percent in the second and third quarters of 2023, which qualifies as a recession—a…
Bank of Canada Survey Suggests Businesses, Consumers Expect High Inflation for Longer
OTTAWA—Canada’s central bank says businesses and consumers are increasingly convinced that the pace of price increases will continue for the foreseeable future. The Bank of Canada said Monday that its pair of quarterly surveys of businesses and consumers show respondents expect the annual rate of inflation to remain above the Bank of Canada’s two percent…
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