Our old friend “unexpectedly” is back.
Canada’s economy unexpectedly contracted in the second quarter at an annualized rate of 0.2% and growth was most likely flat in July, data showed on Friday, a signal to the central bank ahead of its meeting next week that interest rates are high enough.
The second-quarter reading was far lower than the Bank of Canada’s (BoC’s) forecast for a 1.5% annualized GDP growth as well as the 1.2% gain expected by analysts.
The quarterly slowdown was largely due to declines in housing investment and smaller inventory accumulation as well as slower international exports and household spending, Statistics Canada said.
Wadda ya expect … 8 years of commie-at-the-helm has driven Canadians to insolvency.
WE BE BROKE Y’ALL
I could see this happening when Trudeau 2.0 was elected. I knew then it was time to “hunker down” and not spend any money which was not necessary. Also when the fake pandemic was declared, I started to stockpile coffee, paper products and other necessities. Two and a half years later, I am almost through my stockpiles and will have to replenish.
I have taught my daughter (and be extension her husband) how to budget and plan your expenditures. Sadly, so many people thought that the good times would keep rolling (low to zero interest rates) and went out and massively overspent.
Well, as Coronation Street had one character say, “We all have a sad story, my sad story is that I have to listen to you.”
The economy ‘pulled back’ according to the Toronto Star.
And from the CBC: ‘The Canadian economy appeared to stall in the second quarter, ‘
The economy is killing Liberal support.
We are approaching an intersection of William Butler Yeats’ “thing fall apart” and Hyman Minky’s “Minsky Moment”, with a dollop of Peter Schiff’s “how an economy grows and why it crashes”.
What a great time to be alive!
Heh …
It is rather worrisome to watch the government of this country to do their best to destroy the economy in every sense you can think of.
Then watch how it goes downhill, the whole time blaming the weather.
The government is with willful purpose destroying Alberta’s oil business.
Have you noticed that the fascists are dicktating (sic) to foreign companies where to put their factories and supplying the taxpayer’s money to do it?
Socialist/Fascist dicktat (sic) is the rule of the day.
Read through the link and let Reuters explain how it’s a good thing.