People Mentioned
Special Advisor, Ottawa
With Canada’s unemployment rate having risen from 6.4% in June to 6.6% in August, it is a further indication of recession conditions in many parts of the Canadian economy, Osler Special Advisor Stephen Poloz said during a recent webinar reported on by the National Post.
“These are close to around two percentage points above the low point,” says Stephen. “That’s a very decisive recession signal in most situations.”
He noted the population is growing at 3.5%, but the economy is growing around 1%. This is also an indication that spending per household is shrinking significantly, something that only happens during a recession.
“So that just means, if we didn’t have the population growth, it would be growing as a minus 2%,” says Stephen. “Well, that is a recession.”
Read the full article by author Jordan Gowling published by the National Post on September 14, 2024.
People Mentioned
Special Advisor, Ottawa
