The latest Statistics Canada report of leading indicators suggests the economic situation in Canada is getting better.
Despite loss of 344,000 manufacturing jobs in Ontario and Quebec since 2002, and a 0.2 per cent decline in the gross domestic product in March, new manufacturing orders in Canada rose 1.2 per cent between April and May.
Other leading economic indicators, including housing starts, show the economy will probably not contract during the second quarter of this year. The GDP dropped 0.1 per cent during the first quarter, and the classic definition of a recession is when the GDP declines in two consecutive quarters.
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