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.
Farnworth says the provincial government has dedicated $1.6 million to the Sumas dike project, as he gave an update on recovery progress ahead of the one-year anniversary of what he called "one of the most devastating weather events in the history of our province."
Health Canada pegged the problem to “unprecedented demand since the summer,” with stock “limited” at stores and hospitals in various parts of the country. Observers point to a complex web of factors driving demand, limiting supply and complicating any attempt at a quick fix.
A statement from the Surrey Police Union says 94 per cent of its members have signed a pledge to refuse to apply to, or join, the Mounties, if newly elected Surrey Mayor Brenda Locke makes good on a campaign promise to cancel the city's switch from the national police force to a municipal one.
The victim, a convenience store, shared that when the suspect was spoken to about not paying for ice cream, he began to strike the staff member and brandished a knife. Charges related to assault with a weapon and breach of conditions are being recommended.
In that scenario, the Canadian economy would contract by 0.3 per cent in 2023 and grow by 1.3 per cent in 2024. The PBO says this analysis represents only one of many possible scenarios that could play out in the Canadian economy.
The data showed a large reduction in the backlog of temporary residence applications while the permanent residence backlog registered a slight increase. The permanent residence inventory stood at 506,421 people as of November 3, compared to 505,562 as of October 3.
