Top Business Headlines Morning Edition

December 1, 2023

Top News

Fred Lum/the Globe and Mail

‘Struggling to grow’: Canada’s economy shrinks in third quarter amid higher interest rates

Matt Lundy

Economics Reporter

The Canadian economy tumbled over the summer as export shipments waned and consumer spending flattened, signs of a continuing malaise as the country grapples with higher interest rates – and a sharp contrast with robust growth in the United States.

Real gross domestic product, which is adjusted for inflation, shrank at an annualized pace of 1.1 per cent in the third quarter, according to figures published by Statistics Canada on Thursday. The results were considerably weaker than the Bank of Canada’s estimate of 0.8-per-cent growth and Bay Street’s expectations of a slim 0.1-per-cent increase.

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Editorial Picks

Fred Lum/the Globe and Mail

Banks cut jobs, trim expenses as economic fears weigh on earnings

Stefanie Marotta

Banking Reporter

Justin Tang/The Canadian Press

Proposed Competition Act amendments could expose businesses to more penalties, enforcement

Irene Galea

Kai Pfaffenbach/Reuters

5G wireless licence auction with new caps on spectrum purchasing nets Ottawa $2.16-billion

Alexandra Posadzki

Telecom Reporter

Opinion

Plunging consumer confidence suggests spending slowdown could get much worse

David Parkinson

Bank of Canada Governor Tiff Macklem keeps telling us that Canada hasn’t fallen into a true recession. Most economists tend to agree with him. Certain economics columnists at national newspapers (ahem) have said the same thing.

But apparently, Canadian consumers – whose opinion matters a lot in this question – strongly disagree. Their profound and deepening pessimism could change the policy discussion very quickly at the central bank.

Energy and Resources

Oil falls over 2% after OPEC+ cuts fall short of expectations

Laura Sanicola

Financial Services

Banks cut jobs, trim expenses as economic fears weigh on earnings

Stefanie Marotta

Inside the Market

Big tech stocks such as Amazon and Apple are delivering big gains. But for profit growth, is real estate a better bet?

Economy

This week’s lowest fixed and variable mortgage rates in Canada

Pension funds need to seek out more investments in Canada

Technology, Telecom & Media

No chance of super-intelligent AI being created within next 12 months, Microsoft president says

International Business

Big companies find a way to identify AI data they can trust

Small Business

How this entrepreneur taps her community to carry on a tradition

Careers

How a dopamine fast and avoiding multitasking can leave you feeling calmer

In Case You Missed It

Mark Blinch/The Globe and Mail

As cottage prices tumble, is now the time for buyers to pounce?

Salmaan Farooqui

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