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.
Trudeau told reporters today in the Montreal area that the recently tabled budget includes measures to help with the high cost of housing, including a tax-free savings account buyers can use to purchase a first home starting next year.
The central bank hiked its policy interest rate by half a percentage point to one per cent on Wednesday. Bank of Canada governor Tiff Macklem said inflation is too high and is expected to stay elevated for longer than the bank previously thought.
A statement from police says it happened just after 5 p.m. Tuesday on Marine Way in southeast Vancouver. They say the victim was alone in a sedan when the tree toppled across all three westbound lanes, crushing the vehicle's passenger compartment.
Police say they were called Monday evening to a report that a woman had fallen overboard and a vessel from the Nanaimo Port Authority found her clinging to a rope tied to an anchored sailboat. But police say the man, who is believed to be the woman's 59-year-old partner, has not been seen.
The man arrested is 39 years old Richard Jonathan Edwin, who was also charged with another homicide last Saturday. He is described as a Black male who is about 5'6 to 5'7 feet tall with a medium build.
The head of the Canadian Labour Congress expressed worries on Tuesday that labour groups could be left out of talks over a federal pledge to let workers access skills training programs before they become unemployed.
