RBC Economics presents an in-depth analysis of the key drivers of economic activity in Canada and the US, including global factors that affect near-term forecasts.
Key highlights
"On a per-person basis, Canadian GDP has now declined for four straight quarters."
- Headwinds from higher interest rates and a slowing global economy are building
- A long-expected “mild” economic downturn may have already begun in Canada
- Economic growth looks dramatically softer in the context of a surging population
- Rising unemployment in Canada has come from slower hiring rather than faster hiring
- Employment growth has slowed but was still up over the past four months
- Job openings are drifting lower—a sign that labour demand is flagging
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