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.
British Columbia's incoming premier David Eby has been asked by the province's lieutenant-governor to begin the process of forming government in a step toward transitioning into his new role. However, Eby will remain premier-designate until he is officially sworn in as premier at a date that has yet to be announced.
The ministry says the River Forecast Centre is monitoring weather patterns and river conditions for flood hazards, while Emergency Management BC is working with communities to prepare for possible floods.
The 31-year-old officer was stabbed to death last week in a Metro Vancouver park while she helped a City of Burnaby employee notify a man in a tent that he wasn't allowed to live in the park. Thirty-seven-year-old Jongwon Ham has been charged with first-degree murder in Yang's death and remains in custody.
Brar, a respiratory therapist and a mother of three, won the race for City Councillor in Wards 2 and 6, beating Jermaine Chambers, a former Conservative MP candidate for Brampton West. Brar had 28.85 per cent of the votes cast on Monday with Chambers as nearest contender with 22.59 per cent, and Carmen Wilson coming in third at 15.41 per cent, the Brampton Guardian reported.
In Canada, the economy continues to operate in excess demand and labour markets remain tight. The demand for goods and services is still running ahead of the economy’s ability to supply them, putting upward pressure on domestic inflation.
Previously, the majority of immigrants to Canada came from Europe, but now most immigrants come from Asia, including the Middle East. One in five people coming to Canada were born in India, the data shows, making it the top country of birth for recent arrivals.
