{"id":74114,"date":"2026-06-02T15:01:49","date_gmt":"2026-06-02T15:01:49","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2026\/06\/02\/carney-says-data-will-be-uneven-as-canada-dips-into-technical-recession\/"},"modified":"2026-06-02T15:01:49","modified_gmt":"2026-06-02T15:01:49","slug":"carney-says-data-will-be-uneven-as-canada-dips-into-technical-recession","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2026\/06\/02\/carney-says-data-will-be-uneven-as-canada-dips-into-technical-recession\/","title":{"rendered":"Carney says data will be &#039;uneven&#039; as Canada dips into technical recession"},"content":{"rendered":"<p> \n<br \/><iframe loading=\"lazy\" title=\"Inflation data buys Bank of Canada time\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/3PRifiqta9o?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p> Canadian economic data will be volatile as the government works on a broader transformation of the economy , Prime Minister Mark Carney said in response to last week\u2019s gross domestic product report that showed the country tipped into a technical recession . <\/p>\n<p> \u201cThis government\u2019s been in the process of laying the foundations for a stronger, more resilient, more independent Canadian economy,\u201d Carney said. \u201cAs we do all that, the data is going to be uneven.\u201d <\/p>\n<p> Statistics Canada reported last week that the economy shrank at an annualized rate of 0.1 per cent in the first quarter, following a one per cent contraction in the fourth quarter. Conservative Leader Pierre Poilievre has been prosecuting the government over the results, accusing Carney of overseeing the only recession in the Group of Seven. <\/p>\n<p> Carney weighed in on the data for the first time on Tuesday, saying that some of the weakness in the economy is due to the government\u2019s own policies , including its immigration cuts and slower growth in federal spending relative to recent years. <\/p>\n<p> \u201cSo you have these crosscurrents as the economy is being fundamentally transformed,\u201d Carney told reporters. <\/p>\n<p> United States President Donald Trump also weighed in on Monday, sharing on social media a Bloomberg story on Canada\u2019s GDP data and writing, \u201c 51st State !\u201d <\/p>\n<p> While the latest data suggests the economy is weaker than expected as U.S. tariffs continue to batter some industries , economists have avoided the recession label, noting that a broader decline would have be to observed. <\/p>\n<p> Bank of Canada Senior Deputy Governor Carolyn Rogers also cautioned on Monday against concluding the country is in a recession and said other economic data such as employment figures need to be taken into consideration. <\/p>\n<p> Dominique Lapointe, senior director of macro strategy at Manulife Investment Management, noted that while population growth has stalled, consumption actually rose in the past two quarters. <\/p>\n<p> Business investment in machinery and equipment has risen modestly since the third quarter, but investment in non-residential structures continues to contract, he said in an email. <\/p>\n<p> \u201cAt the same time, non-U.S. exports have risen but they don\u2019t offset the decline we\u2019ve seen in the US. It\u2019s hard to find a sector that will propel growth in 2026 and 2027.\u201d <\/p>\n<p> <em>\u2014With assistance from Brian Platt and Laura Dhillon Kane.<\/em> <\/p>\n<p> Bloomberg.com <\/p>\n<p><iframe loading=\"lazy\" title=\"Is this as good as bank earnings get?\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/TUe0rfMC6EE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><br \/>\n<br \/>\n<br \/>Carney says data will be &#039;uneven&#039; as Canada dips into technical recession<\/a><br \/>\n<br \/>2026-06-02 15:01:49<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian economic data will be volatile as the government works on a broader transformation of the economy , Prime Minister Mark Carney said in response to last week\u2019s gross domestic&#8230;<\/p>\n","protected":false},"author":2,"featured_media":74115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-74114","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/74114","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=74114"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/74114\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/74115"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=74114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=74114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=74114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}