GDP growth annualized:
Q2 -0.2%
Q3 -0.1% ← (this number is so small it is often counted as “zero,” and therefore there is not a “real” recession.)
Unemployment rate:
July 2022 4.9% —> Today 5.7%
Canada PMI:
46.7 (50 is normal)
I don’t follow Canada very closely, so maybe my opinion doesn’t mean much,
but honestly I am surprised it has held it together this long.
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Oil prices are down 12% y-o-y and oil & gas is a large part of the Canadian economy
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The home price bubble in Canada makes ours look like child’s play
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Canada’s home price bubble could be super painful because 53% of recent homebuyers in Canada purchased their homes with an ARM.
While adjustable rate mortgages make up less than 10% of new home loan applications in the US, around 53% of Canadian buyers opted for variable rates in late 2021.
oh dear, what will Nell Fenwick do now?
Hmm
Canada’s GDP Growth is kinda like zero two quarters in a row
Q2 -0.2%
Q3 -0.1%
Canada’s Current Inflation Rate is 3.8%
What do we call 3.8% inflation coupled with near zero growth?
Anyone? Bueller?
Biden changed how we tally a recession so he could say we aren’t in one.
