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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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.