A man wearing a face mask walks past the CN Tower's sign in Toronto, Oct. 3, 2020. Canada's economic recovery appears to be running out of steam amid a second wave of COVID-19, CIBC says.
“It appears that the economy was slowing more than expected heading into the fourth quarter, and the most likely outcome now suggests that barely advanced during the period,” CIBC economist Royce Mendes wrote in a client note Friday morning. After a 3.1 per cent increase in July, Canada’s economy grew at a 1.2 per cent pace in August, Statistics Canada reported Friday morning. Its flash estimate for September suggested growth slowed even further, to 0.7 per cent.That September number is “well below what was indicated by the earlier released employment data,” Mendes wrote.
It has been in trouble since PMJT took over.
No shit.
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