December 1, 2023
Top News

Fred Lum/the Globe and Mail

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
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Opinion

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.

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A ONCE IN A LIFETIME VOYAGE NARRATED BY SOME OF YOUR FAVOURITE JOURNALISTS
A ONCE IN A LIFETIME VOYAGE NARRATED BY SOME OF YOUR FAVOURITE JOURNALISTS
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