Darpan News Desk The Canadian Press, 01 Sep, 2023 11:01 AM
The latest G-D-P report showing the economy contracted at an annualized rate of 0.2 per cent in the second quarter may signal an end to the Bank of Canada's rate hiking campaign.
Economist Tu Nguyen (WIN) at R-S-M Canada says the cooling economy should be enough evidence for the central bank to forgo further rate hikes unless there is another major external shock that sends inflation upward.
She says this is the first time since the early days of the pandemic that spending on services did not grow, which is a powerful sign of a cooling economy.
The budget document says spending by the Defence Department will reach nearly $40 billion by 2026-27 as a result of those additional investments, but the government is not saying what that means as a share of Canada's gross domestic product.
The Parliamentary Budget Office says the increase in salaries was the largest contributor to the rise in total compensation, but spending on pensions, overtime and bonuses also grew at a faster rate.
Last month's sales totalled 2,535 compared with 4,405 sales in March 2022 and 1,808 in February. The B.C. board says the numbers signal that March home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.
The ministry says the fungus is primarily spread by bat-to-bat contact and doesn't affect humans but can spread through the movement of contaminated clothing and gear, or through accidental transport of the animals.
Human rights commissioner Kasari Govender confirmed in a separate news release Monday that she will be in court this week. She said how the declaration act is interpreted and implemented in this case will have "important implications for reconciliation in the province."
