by Mike Shedlock
MISH’S Global Economic Trend Analysis
Economists who cannot see anything but the rear view mirror were surprised to learn Canadian Economy Shrinks as Oil, Mining Slump.
MISH’S Global Economic Trend Analysis
Economists who cannot see anything but the rear view mirror were surprised to learn Canadian Economy Shrinks as Oil, Mining Slump.
The Canadian economy
shrank unexpectedly in August, pointing to a sharp third-quarter
slowdown in growth from the first half and reinforcing the Bank of
Canada’s message that interest rate hikes are less imminent.
The surprising 0.1
percent contraction in August from July reflected broad weakness across
most industries, prompting economists to revise forecasts down. The
Canadian dollar weakened to below parity with its U.S. counterpart.
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