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 jobless rate went up for a third straight month in July, rising to 5.5 per cent as the economy struggles to create enough jobs to match Canada's rapidly rising population. Statistics Canada reports the economy lost 64-hundred jobs.
Health Canada has approved the first vaccine for respiratory syncytial virus (RSV) for adults age 60 and over. Manufacturer GSK says the federal agency has approved its new vaccine called Arexvy. RSV season in Canada usually starts in the late fall and lasts until spring.
Starting today, the Vancouver Board of Parks and Recreation is reducing the amount of water used at parks and green spaces to conserve drinking water. The board says all esthetic water features including ponds and fountains will be turned off and park lawns will not be watered.
The Vancouver International Airport says it’s gearing up for a busy long weekend by launching a new tool to help travellers get to their gate on time. A new Q-R code called Y-V-R TimeLine allows travellers to check if they are at risk of missing their plane by entering their flight number.
The machine is stocked with packaged sushi rolls from nearby restaurant Sushi Mori. TransLink says the vending machine is one of nine being installed starting this summer at transit stations around the region.
A fire reported near Second Beach Tuesday morning was the second suspicious fire in recent days. So far, no suspects have been identified and no arrests have been made.
