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Alberta oil cuts will slow Canadian economy next year, banks predict

Alberta’s decision to order oil production cuts will weigh on Canada’s economy next year, according to some of the country’s biggest lenders. Bank of Montreal economists Benjamin Reitzes and Robert Kavcic predicted in a research note Monday that gross domestic product could expand by 1.8 per cent next year, instead of the 2 per cent […]

Posted on: December 5, 2018

Bank of Canada holds key interest rate at 1.75% as economic outlook dims

Canada’s central bank took a break from raising interest rates on Dec. 5. The pause could last longer than many were expecting, mostly because policy makers are worried that the energy industry’s contribution to economic growth will be “materially weaker” than expected only a couple of months ago. The acute weakness in Canadian oil prices […]

Posted on: December 5, 2018

Mortgage risks fading as Bank of Canada sees dramatic drop in highly indebted borrowers

OTTAWA — The Bank of Canada provided a closer look Wednesday at just how much stricter mortgage rules and higher interest rates have helped slow the entry of new households into the category of “deeply indebted borrowers.” The lofty levels of household debt has been a key concern for the Bank of Canada as it […]

Posted on: November 18, 2018

Canadian economy posts biggest monthly gain in two years

Canada’s economy surged convincingly in May, turning in a better-than-expected rebound from its weather-dampened lull in April. Statistics Canada said Tuesday that real gross domestic product rose 0.5 per cent month-over-month on a seasonally adjusted basis, the biggest one-month gain since July, 2016. The economy bounced back from a tepid 0.1-per-cent gain in April, when […]

Posted on: August 25, 2018

Inflation hits highest level since 2011 in test to Bank of Canada’s rate hike plan

OTTAWA — Canada’s annual inflation rate in July hit its highest level in nearly seven years as gasoline prices and the cost of air transportation pushed prices higher. Statistics Canada said Friday the consumer price index for last month was up 3.0 per cent on a year-over-year basis, compared with a 2.5 per cent increase […]

Posted on: August 19, 2018

Canadian manufacturing sales top expectations, gain 1.1% in June

Canadian manufacturing sales rose more than expected in June, boosted by a 16 per cent surge in oil and coal shipments. Statistics Canada said Thursday manufacturing sales were up 1.1 per cent to $58.1 billion in June, following a 1.5 per cent increase in May. Economists had expected an increase of 0.9 per cent in […]

Posted on: August 17, 2018

Surge in part-time work in Canada offsets full-time losses as unemployment rate drops to 5.8 per cent

OTTAWA—The economy generated 54,100 net new jobs last month and saw its unemployment rate fall — but the headline improvements overshadowed weaker details: a rush of new part-time, public-sector positions and a drop in full-time work. The overall July increase in jobs pushed the unemployment rate back to its four-decade low of 5.8 per cent, […]

Posted on: August 13, 2018

Canada-Saudi Arabia Feud Could Suck Billions Out Of Canadian Economy

CALGARY — Canada can easily replace the oil it imports from Saudi Arabia should relations with the Middle Eastern kingdom deteriorate to the point that trade in crude is halted, says an energy economist. But this week’s trade tension escalation means Canada will be on the sidelines as the Saudis try to diversify their economy […]

Posted on: August 13, 2018

Canada’s job surge beats expectations, but there is a catch — actually a few

OTTAWA — The economy generated 54,100 net new jobs last month and saw its unemployment rate fall — but the headline improvements overshadowed weaker details: a rush of new part-time, public sector positions and a drop in full-time work. The overall July increase in jobs pushed the unemployment rate back to its four-decade low of […]

Posted on: August 12, 2018

Canada’s big banks stand to lose on credit card debt in the next downturn: Moody’s

The next economic downturn will result in higher credit card losses at Canadian banks than the last recession due to the “unprecedented” levels of consumer debt fuelled by the housing boom, says Moody’s Investors Service. With many Canadians already pushed to the limit by high housing costs, job losses or other “cash flow shocks” will […]

Posted on: June 12, 2018