{"id":40158,"date":"2023-10-31T14:41:54","date_gmt":"2023-10-31T14:41:54","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/10\/31\/what-gdp-is-telling-the-bank-of-canada-economists\/"},"modified":"2023-10-31T14:41:54","modified_gmt":"2023-10-31T14:41:54","slug":"what-gdp-is-telling-the-bank-of-canada-economists","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/10\/31\/what-gdp-is-telling-the-bank-of-canada-economists\/","title":{"rendered":"What GDP is telling the Bank of Canada: economists"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Economy could already be in recession, putting an end to rate hikes<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Oct 31, 2023<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">4 minute read<\/span><\/p>\n<\/p><\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/10\/canada.jpeg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp&amp;sig=3i9qdSsFgOqKzK4f5vKNEw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/10\/canada.jpeg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp&amp;sig=TGjaEghUHkG7-t9dDTROKg 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/10\/canada.jpeg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg&amp;sig=aiUnL1ZvU0hcwOgXcnTIbA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/10\/canada.jpeg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg&amp;sig=wZdbl-jh6q8lpKn_HszSlA 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/10\/canada.jpeg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp&amp;sig=IPxExLhDvQn7RRy5YsBz9A,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/10\/canada.jpeg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp&amp;sig=10jP8rwC0IQSvxpisPgx_Q 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/10\/canada.jpeg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg&amp;sig=z9bO_OhO6QajZ7whGTatPg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/10\/canada.jpeg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg&amp;sig=9KmosbIohY3nhv5KvbSCuw 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/10\/canada.jpeg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp&amp;sig=C7_C-ZEzFcX9jiqWAXP3KQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/10\/canada.jpeg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp&amp;sig=Fg8sB3aHlsn9rtuKtgsvtg 2x\" type=\"image\/webp\"><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Canada&#8217;s economy could be in a technical recession. <\/span> <span class=\"credit\">Photo by Postmedia<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">The Canadian economy could already be in a \u201cmodest\u201d recession, one economist says, after Statistics Canada released the latest GDP numbers for August and a preliminary forecast for September and the third quarter.<\/p>\n<p data-async=\"\">Gross domestic product in August was unchanged, Statistics Canada reported on Oct. 31, mirroring GDP in July and missing analyst estimates for a month-over-month uptick of 0.1 per cent.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment5224846803810083088212570767622144\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"article-block article-block-bg article-content__sign-in-group hidden\" data-aqa=\"identity-sign-in\" data-async=\"\" id=\"article-block\">\n<section class=\"row\">\n<header class=\"identity-intro col-xs-12 col-md-6 flex-justify-center\">\n<div class=\"col-xs-12 col-sm-10 col-md-10\"><img loading=\"lazy\" decoding=\"async\" alt=\"Financial Post\" class=\"market-logo\" height=\"37\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/14.7.2\/websites\/images\/identity\/logo-identity-fp.svg\" width=\"280\"\/><\/p>\n<div class=\"intro-body__premium hidden\">\n<p>THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY<\/p>\n<p class=\"identity-intro__description\">Subscribe now to read the latest news in your city and across Canada.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Exclusive articles from Barbara Shecter, Joe O&#8217;Connor, Gabriel Friedman, Victoria Wells and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__register hidden\">\n<p>SUBSCRIBE TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Subscribe now to read the latest news in your city and across Canada.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Exclusive articles from Barbara Shecter, Joe O&#8217;Connor, Gabriel Friedman, Victoria Wells and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__anonymous\">\n<p>REGISTER TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The national data agency also released a preliminary forecast for September of flat GDP.<\/p>\n<p data-async=\"\">Based on the data so far, Stephen Brown, deputy chief North America economist at Capital Economics, estimated that third-quarter GDP contracted 0.1 per cent. That, coupled with the pullback in growth in the second quarter of 0.2 per cent would meet the technical definition for a recession \u2014 two consecutive quarters of contraction.<\/p>\n<p>Other economists including Brown said it is still possible the economy could avoid a contraction in the third quarter.<\/p>\n<p data-async=\"\">\u201cBut with the Bank of Canada\u2019s recent Business Outlook Survey and the October CFIB Business Barometer both now consistent with negative GDP growth, it seems more likely that the modest recession we are forecasting has now begun,\u201d Brown said.<\/p>\n<p data-async=\"\">The latest data should give the Bank of Canada another reason to end its rate hiking campaign, say economists.<\/p>\n<p>\u201cThis is yet one more crystal clear sign that the Bank of Canada should be done hiking,\u201d said Benjamin Reitzes, economist at BMO Economics.<\/p>\n<p>Here\u2019s what economists believe the latest GDP numbers mean for the economy, the Bank of Canada and interest rates.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot21 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories6281060657007637133522572859670528\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"Top Stories\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/14.7.2\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Top Stories will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment2979342998323564291738801755127808\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<h2>Andrew Grantham, CIBC Economics<\/h2>\n<p>\u201cThe Canadian economy is already skirting a recession, with preliminary industry data for Q3 suggesting the possibility of a further slight contraction in activity to follow Q2\u2019s surprise decline. For Q3 as a whole, GDP was also essentially unchanged. That\u2019s much weaker than the Bank of Canada\u2019s MPR (Monetary Pollicy Report) forecast of 0.8 per cent annualized growth, although it should be noted that there is often a discrepancy between the industry figures released today and the later expenditure data. Still, the fact that the <strong>economy appears close to tipping into a mild recession already clearly reduces the likelihood of any further interest rate hikes<\/strong>, and will likely see financial markets pulling forward expectations for rate cuts which will weigh on the Canadian dollar.\u201d<\/p>\n<h2>Stephen Brown, Capital Economics<\/h2>\n<p>\u201cThe key thing to watch for now are signs that the modest recession could morph into a deeper one, for example due to stress in the housing market or because the labour market weakens by more than we anticipate. We forecast a five per cent fall in house prices over the next six months and assume that some degree of labour hoarding will result in just one full quarter of employment losses. if either of those assumptions proves too optimistic, then GDP would likely decline by much more than we have assumed. Either way, the data today <strong>reinforce our view that the bank will begin to cut interest rates sooner than markets are pricing in.<\/strong>\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment9273857990601935978419450663665664\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<section aria-labelledby=\"moreTopicLabel901684036097422032420504573313024\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Related Stories<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/10\/canada-gdp-1031-ph.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=hAhzkSmw19HzgmHupLNigw\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/10\/canada-gdp-1031-ph.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=hAhzkSmw19HzgmHupLNigw, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/10\/canada-gdp-1031-ph.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=XB2kcS7Cyjcmnio2PvvP4Q 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/10\/canada-gdp-1031-ph.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=DXe_7Gi-Ji9TQraRufjhuA 3x\" alt=\"GDP\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Canada&#8217;s stalling economy on track for technical recession<\/span><\/p>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"The number of immigrants leaving the country has been on the rise since the 1990s.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/10\/immigration-canada-vw1031.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=dfKjmTYJW4T5am6ifC1R7A\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/10\/immigration-canada-vw1031.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=Nz5AWpZJbOn6eymXIy0Y3A\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/10\/immigration-canada-vw1031.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=dfKjmTYJW4T5am6ifC1R7A, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/10\/immigration-canada-vw1031.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=93N3M4195TBpRGlUlabreA 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/10\/immigration-canada-vw1031.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=6NvdZ7lDVDS-xXazVrbDUg 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">&#8216;Record spike&#8217; in number of immigrants leaving Canada<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<h2>Marc Ercolao, TD Economics<\/h2>\n<p>\u201cHigher interest rates are certainly doing their part to tamp down excess demand, and we continue to expect below-trend growth for the next couple of quarters. After holding the policy rate at five per cent last week, the <strong>Bank of Canada should feel confident that their rate hikes are working to pull the economy back into balance.<\/strong> That said, they have voiced their need to remain vigilant, especially as core inflation remains at uncomfortable levels. Employment and wages data later this week will be on watch, as this segment of the economy continues to show relative strength.\u201d<\/p>\n<h2>Benjamin Reitzes, BMO Economics<\/h2>\n<p>\u201c<strong>This is yet one more crystal clear sign that the Bank of Canada should be done hiking<\/strong>. The potential for a second consecutive negative quarterly GDP reading will cause recession chatter to ramp up quickly. The soft economic backdrop, which still has downside, will drive inflation down over time \u2026 it\u2019s just a question of how quickly.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment8763593678873227631817880680529920\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<h2>Jay Zhao-Murray, currency analyst, Monex Canada<\/h2>\n<p>\u201cWith evidence from the Bank of Canada\u2019s consumer and business surveys indicating that discretionary spending, hiring intentions, and investment intentions are only set to decline further, <strong>we anticipate that the economy will enter a somewhat more pronounced recession around the start of 2024, which would put pressure on the Bank of Canada to begin cutting rates<\/strong> before the (United States) Federal Reserve. While we do expect core inflation pressures to subside as growth sours further, the risk of stagflation is nevertheless real. In such an environment, the Bank of Canada may still hike once more, but it would only raise the odds of a more severe downturn.\u201d<\/p>\n<p data-async=\"\"><em>\u2022 Email: gmvsuhanic@postmedia.com <\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<div aria-label=\"Article Comments\" class=\"article-content__widget-group article-comment\">\n<section class=\"comments__section\" data-aqa=\"viafoura-comments\" id=\"comments\">\n<p>Comments<\/p>\n<p class=\"comments__section-disclaimer\">Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.<\/p>\n<details class=\"expansion-panel comments__section__list\" open=\"\">\n<summary class=\"expansion-panel__summary\"\/><\/details>\n<\/section>\n<\/div>\n<\/div>\n\n<br \/>What GDP is telling the Bank of Canada: economists<\/a><br \/>\n<br \/>2023-10-31 14:41:54<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Economy could already be in recession, putting an end to rate hikes Published Oct 31, 2023 \u00a0\u2022\u00a0 4 minute read Canada&#8217;s economy could be in&#8230;<\/p>\n","protected":false},"author":2,"featured_media":40159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-40158","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/40158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=40158"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/40158\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/40159"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=40158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=40158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=40158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}