The wildfires have almost certainly dealt a blow to consumer appetites, especially in regions directly affected
The Conference Board of Canada’s monthly consumer confidence index slumped to its worst reading of the year in June, weighed down most notably by falling
pressures on production and exports, and another serious blow to consumer confidence. That adds up to lower output, weaker demand – over all, a serious slowdown in the economy.that this wildfire season would knock between 0.3 and 0.6 percentage points off third-quarter GDP – provided the area of forest burned for the rest of the summer was in line with the average pace of the past six years. Instead, we’ve seen nearly double the destruction the independent economic research firm projected.
Oct. 31. It could be toward the end of the year before we see the anticipated bounce-back from the slowdowns surface in the data. By the time the GDP figures are no longer coloured by wildfire distortions, we could be into 2024.
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