Weekly Digest – 25 September 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Despite good economic news, experts warn the pain’s not over yet
After two years of interest rate hikes, inflation hit the Bank of Canada’s target of two per cent back in August. Touria Izri looks at what helped cool inflation, and the interest rates that economists are calling for.
Strong housing market rebound could slow pace of rate cuts
A stronger-than-expected rebound in the Canadian economy, particularly from the housing market, could push the Bank of Canada to press pause on its rate cut cycle, according to new deliberations.
July boost in Canadian retail sales welcome, but more rate cuts needed
Canadian retail sales edged up in July, but economists say it will take further interest rate cuts to spark lasting activity.
Canada is on a path to get inflation under control
Former Bank of Canada Governor Stephen Poloz says “everything is going as it should” for Canada to get inflation under control.
B.C. Business leaders have raised the alarm about the state of the economy
Last week, leaders and representatives from several British Columbia business groups gathered for a press conference to issue a warning about the state of the province. The message was clear, the cost of living and stagnating economy needed to be addressed with a clear vision and growth-oriented policies. The groups who attended included the BC Chamber of Commerce, the Council of Forest Industries, the Mining Association of BC (MABC), and the Independent Contractors and Business Association.
Canada retail sales rise more than expected in July; likely up in August
Canadian retail sales grew by 0.9% in July from June, led by higher sales at motor vehicle and parts dealers, while sales likely climbed further in August, data from Statistics Canada showed on Friday.
Gas prices in Canada snap six-week stretch of declines
Gas prices snapped six straight weeks of declines in Canada, as the nationwide average for regular fuel added 0.7 cents per litre between Sept. 12 and Sept. 19, according to data from Kalibrate.
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