Darpan News Desk The Canadian Press, 01 Sep, 2023 11:01 AM
The latest G-D-P report showing the economy contracted at an annualized rate of 0.2 per cent in the second quarter may signal an end to the Bank of Canada's rate hiking campaign.
Economist Tu Nguyen (WIN) at R-S-M Canada says the cooling economy should be enough evidence for the central bank to forgo further rate hikes unless there is another major external shock that sends inflation upward.
She says this is the first time since the early days of the pandemic that spending on services did not grow, which is a powerful sign of a cooling economy.
The inflation rate rose to 3.3 per cent in July, a development that economists warn spells bad news for the Bank of Canada. Forecasters say the latest report raises the odds of an interest rate hike next month, despite other signs of economic softening, including rising unemployment.
The Fraser Canyon communities of Lytton and Lillooet both broke the 40 C mark on Monday, with Lytton reaching 41.4 C and Lillooet slightly behind, while the southern Okanagan community of Osoyoos was expected to join the 40-plus club by the end of the day.
Sean Fraser says the federal government is looking at a number of ways to work with provinces and municipalities to speed up the construction of housing through subsidies and other incentives and drive prices down.
Police in Vancouver say a 54-year-old man is facing multiple charges after he allegedly chased a group of teenagers with a knife. They say a 16-year-old boy called 9-1-1 to report he and his friends were being threatened by an armed stranger.
A B-C woman in her 30s faces numerous charges after a traffic stop outside of Williams Lake lead to the seizure of a loaded firearm and methamphetamines. R-C-M-P say it happened on August 3rd when officers saw a vehicle speeding along Highway 97.
A 36-year-old Vernon man has been charged after a head-on collision on Highway 97 left two people dead. It happened in the early hours of August 5th near the Vernon Military Camp.
