![]() ![]() “But I think in a lot of ways, the President was saying something that I think a lot of people want to hear, which is that we need to ultimately move on. “Too many people died, too many people faced financial hardship, and I think there's going to be ongoing challenges with respect to educational loss and mental health issues,” Speer said. While some public health officials have taken issue with Biden’s declaration, the Public Policy Forum’s Sean Speer says the comment is something to be proud of, as it reinforces that society has managed to get through a once-in-a-century pandemic. President Joe Biden said in an interview with CBS’ 60 Minutes. With assistance from Erik Hertzberg and Stephen Wicary.Yahoo Finance Canada Videos Editor’s Edition: ‘The pandemic is over,’ says Biden That’s the industry’s largest monthly contraction since April 2020, with a steep drop in both natural gas extraction and crude oil. Oil and gas extraction, excluding the oil sands, dropped 6.6%. Following four months of growth, the oil and gas extraction subsector fell 3.6% in May. Manufacturing advanced 1.6% in May, the largest increase since October 2021, and wholesale trade jumped 2.9%.īut the advance estimate suggests that downward movements for the wholesale trade and manufacturing sectors in June more than offset the increases recorded in May.Ĭanada’s ongoing forest fires have already hampered growth in some energy-related industries. The 7.6% increase in May was led by higher home reselling activity in the majority of Canada’s largest markets, including Toronto, Vancouver, Calgary, Edmonton and Ottawa. Demand for real estate remained strong, and activities related to real estate advanced for a fourth consecutive month. One other bright spot in the economy is the real estate sector. ![]() Manufacturing, wholesale and public administration drove the increase that month, with the latter rising 1.4%, bouncing back after most federal government workers who were on strike returned to work by the end of April. In May, service-producing industries were up 0.5%, while goods-producing industries partially offset that gain with a 0.3% decline. Growth in consumption spending is expected to slow over the second half of this year, as demand for rate-sensitive goods and services weakens and more households renew their mortgages at higher rates. 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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