Canada’s economy slips badly — Bank of Canada to ease more
- The sizeable 0.7% decline in November GDP highlighted that Canada’s economy faltered badly in the fourth quarter consistent
with our call for an annualized 3.1% decline in the quarter. We are now also looking for a hefty 2.8% drop in first-quarter GDP,
almost double the 1.5% decline we had previously expected.
- The bleak near-term outlook supported the Bank’s decision to cut the overnight rate by 50 basis points to 1.00% in mid-January
and early 2009 data confirmed that the recession is building momentum.
- January’s employment report showing a massive 129,000 job loss and a spike in the unemployment rate to 7.2% put the icing on
the cake for the case for the Bank of Canada to cut the policy rate. The beleaguered manufacturing sector bore the brunt of the
weakness and cut 100,900 positions. We now look for the Bank to ease the policy rate to just 0.5% in March.
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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