Canada’s economy grew by a greater-than-expected 0.3% in May and looks set to turn in its best annualized quarterly performance for more than three years, official data indicated on Friday.
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[The growth] indicates annualized second-quarter growth of 3.4%, significantly higher than the Bank of Canada’s July 15 forecast of 2.5%, and the highest annualized quarterly increase since the 4.3% seen in the first three months of 2023.
The central bank left its benchmark overnight rate unchanged at 2.25% on July 15 and said growth would strengthen in the second half of the year as inflation pressures eased and firms continued to adapt to U.S. tariffs.
“The economy appears to have found ways to navigate the current cloud of uncertainty relating to trade with the United States,” said Royce Mendes, managing director and head of macro strategy at Desjardins.
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“That’s good news!” said the homeless, standing in soup lines.
Those soup lines will start getting shorter with this progress. Canada needs to make money if it wants to solve its problems. Imagine growth, during a recession, while dealing with the orange turd posse’s unpredictability to the south as we navigate away from relying on American spending for our goods and services. It’s kind of impressive really.
Money being made doesnt mean anything if it isnt going where it should be
Let’s be real, these companies aren’t hiring people off the street. I think the guy wearing his underwear on the outside of his pants is going to have some friction in the interview process.
Of course, but the services he needs will be more likely to be in place thanks to the increased tax revenue as the jobs market picks up.
It sounds like you’re taking about a homeless person with a debilitating mental health issue, but there are many unemployed who have employable skills that would benefit from this news. The homeless people with these mental issues will never be employable regardless of the economy, so I think you need to figure out what you’re trying to argue here.
So, you’re saying it’ll trickle down any moment now?
I see. You’re just trying to argue because you don’t understand economics. To you, everything needs to be immediate, is that it? Have you ever built something?
It takes over a year to build a house. How long do you think it takes to build an industry? It starts tickles down when people show up to put the shovels in the ground and continues until the last coat of paint is on. You think all of those workers are going to be eating bush berries to survive as they work, or will they be buying up services as they work? Have some patience.
Not true when services are being cut
Also not true for a lot of people if they were actually supported.
A bunch of rich assholes making more money usually makes the soup lines longer these days, not shorter.
In industries that involve tech, yeah I’ll agree. In industries requiring resource extraction, not at all. That only happens with labour, which is one of the reasons Carney has been advocating for opening up Canada. They’re very well paying jobs. It shortens these lines because these workers can also pay for services, so it really does trickle down in cases like this - more restaurants or more local artists, etc, can make it with a better economy.
Money ain’t a solution, it’s a middleman with questionable value. We need a major system change that focuses less on money (or amounts of money/profit) and more on ecology, progress and humanity. We run around in money circles over and over again while things get steadily worse. Reminds me of this scenarios…“Well, we have the shovels and we have the men and we can feed them, clothe them and house them, but we ain’t got the money”.