Strong output from Canadian consumers not enough to avoid economic slowdown CanadiansInvest
OTTAWA – Canada’s economy is slowing as consumer spending and savings have shrunk, according to new research from The Conference Board of Canada, which forecasts the country’s real GDP to grow by 1.3 per cent in 2023, followed by a weaker 1.1 per cent gain in 2024.
Consumer spending remains surprisingly resilient amid flurries of economic turbulence, but unusually strong population growth has provided much of this support. Consumer confidence has improved over the past few months but remains low by historical standards. Low confidence typically heralds slower spending growth, particularly with the ongoing threat of a recession.
Canada’s labour market is likely to see major changes as rapid advances in AI models and their release through various applications have brought some new twists, not only to the long-term outlook but to the short- and medium-term outlooks as well. Shorter-term effects will be more nuanced, while the positive medium-term impacts will be seen in the applied sciences, management, culture, and recreation occupations.
More broadly, top-line inflation in the global economy has declined in the world’s major economies, mainly because of lower energy and food costs. Labour costs, however, in the services sector of the world’s major economies continue to increase at a pace inconsistent with the 2.0 per cent inflation target.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Before the Bell: What every Canadian investor needs to know todayA look at Monday morning’s market action
Read more »
Graphite One wins US$37.5 million grant, shares rally – Canadian InvestorGraphite One wins US$37.5 million grant, shares rally CanadiansInvest
Read more »
Before the Bell: What every Canadian investor needs to know todayA look at Tuesday morning’s market action
Read more »
Canadian heavy oil outlook 'has seldom (if ever) been this strong'Western Canadian Select, a heavy, sour crude that represents Canada's main export blend, is up US$15 per barrel year-to-date From jefflagerquist
Read more »
Canadian Homebuilders Association Offering Tips to Avoid Renovation ScamsA local representative for the Canadian Homebuilders Association is offering tips to avoid being ripped off af...
Read more »
Hyun Jin Ryu makes strong rehab start in BuffaloIt was Triple-A hitters, but Ryu looked ready to return to the majors
Read more »