Robert Kavcic News
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Canada’s biggest employment loss since the recession four years ago and an unexpected trade deficit underscore how the world’s 11th largest economy is being hobbled by weak global demand.
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Canada’s economic growth stagnated in the fourth quarter as gains in investment and consumer spending were blunted by companies scaling back inventories, suggesting there’s little momentum early this year.
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Canada is more vulnerable to a global slowdown than it was in 2009, when it emerged from a recession before other Group of Seven countries, because the levers policy makers pulled then would be less effective now, say economists at two of Canada’s largest banks.
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Canadian building permits fell more than four times as much as expected in August, as companies and governments planned fewer new structures.
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Canada’s gross domestic product rose for a fifth straight month in July, the longest expansion streak in two years, on rebounds in manufacturing and retail sales and increased utilities output.
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Canadian Finance Minister Jim Flaherty said he will delay plans to balance the federal budget by one year and run larger than expected deficits as lower commodity prices and slower growth hamper the finances of the only Group of Seven country with a stable AAA debt rating.
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Canadian housing starts fell for a second month in October on declines in both single-family and multiple-unit projects.
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Canadian consumer prices advanced less than economists forecast last month, suggesting Bank of Canada Governor Mark Carney doesn’t need to emphasize raising interest rates at next week’s decision.
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Bank of Nova Scotia and Toronto- Dominion Bank economists today pushed back their predictions for an increase in the central bank’s 1 percent policy rate, citing weaker economic growth prospects.
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Canada had an unexpected trade deficit in April on a drop in foreign sales of transportation equipment such as aircraft. Statistics Canada also revised data for the prior two months, turning surpluses into deficits.
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