Economy cools, but likely not enough for BoC
Scotia sees price pressures persisting even as growth slows
- By: James Langton
- November 23, 2022 November 23, 2022
- 12:43
Scotia sees price pressures persisting even as growth slows
War continues to intensify the headwinds to growth, group warns
Gasoline down 2.4%, convenience store sales drop 1.5%
U.S. growth returned to positive territory, while growth slowed in Canada and elsewhere
Domestic investors added record amounts of foreign bonds
Deteriorating economic, financial conditions could amplify financial sector stress
StatsCan reports that high earners saw incomes decline in 2020, but women fared better than men
Credit card balances up 15%, grocery spending down
Rate dropped 11% to 267,055 units, from 298,811 in September
Mortgage interest, gas and grocery costs are rising but inflation slowed to 6.9% from 8.1% in June
The national average home price in October was down almost 10% from a year ago
Statistics Canada will release its October inflation report on Wednesday
Faced with choice of inflation or recession, BoC will choose recession
BoC governor said increasing supply in the economy will help ease inflation
High debt, tighter conditions, geopolitical threats could reveal vulnerabilities, FSB warns
Britain’s GDP dropped 0.6% in September while recession will start in Q4 for most EU nations
Inflation fight is expected to require higher-for-longer interest rates
The province projects an increase of $739 million over the figure forecasted in March
Policies to promote an increase in workers would help, the Bank of Canada governor said
Jobless rate held steady in September, below pre-pandemic mark
The prospect of slower interest rate hikes sent U.S. markets soaring
Latest leading indicators continue to signal slowing momentum in most markets
The fallout from Russia's invasion of Ukraine and a gloomier economic outlook weighs on commodities
Bankruptcy and debt restructuring activity on the rise
Data points to growth slowdown, but rates still heading higher, Moody's says