Wildfires were impacting several industries in July, Statistics Canada said, with warehousing and transportation seeing its second consecutive monthly contraction.
Collective spending across Canada has been kept afloat by an influx of newcomers but households are feeling the pinch; it’s a phenomenon some economists have dubbed a ‘me-cession.
Retail trade posted the largest jump in July, with a full percentage point of growth marking the largest gain in the sector since January 2023. Gains in activity at motor vehicles and parts dealers in the month more than offset declines in June when a technical glitch disrupted sales at dealerships.Wildfires were impacting several industries in July, however, with warehousing and transportation seeing its second consecutive monthly contraction.
Looking ahead to August, StatCan said it projected real GDP was essentially unchanged in the month thanks to more declines in manufacturing, transportation and warehousing. Early estimates for August will be revised at the end of October. The latest figures for August and July come after Statistics Canada reported the economy grew 2.1 per cent on an annualized basis in the second quarter.Sean ‘Diddy’ Combs’ lawyer tries to explain rapper’s 1,000 baby oil bottles
The Bank of Canada’s latest forecasts call for annualized growth of 2.8 per cent in the third quarter, but economists and the central bank itself have recently warned that actual output in the period may end up softer than first expected.
GDP Gross Domestic Product Canada Economy
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Retail sales up 0.9% in July to $66.4B, StatCan saysStatistics Canada says retail sales rose 0.9 per cent to $66.4 billion in July, helped by stronger new car sales.
Read more »
U.S. construction employment rises in two-thirds of jurisdictions July-to-JulyCanada's construction news
Read more »
The ‘era’ of shorter commutes is officially over, StatCan saysThe amount of time it's taking commuters to get into work is growing longer, with the average reaching 26 minutes, and for those who take public transit, it's even longer.
Read more »
Vancouver ranks mid-pack for remote working as trend loses steam, says StatCanMetro region tied for sixth when it comes to proportion of employees working mostly from home.
Read more »
Vancouver ranks mid-pack for remote working as trend loses steam, says StatCanMetro region tied for sixth when it comes to proportion of employees working mostly from home.
Read more »
In the news today: StatCan to release August jobs report todayHere is a roundup of stories from The Canadian Press designed to bring you up to speed...
Read more »