Canada's Economy Headed For 'Bouts Of Turbulence' As Recovery Slows

Customers wearing face masks shop at an Apple store in Toronto, Ontario, July 7, 2020. Canada's economic recovery from the spring lockdowns slowed down in August, Statistics Canada says.The economy grew one per cent in August, according a flash estimate from Statistics Canada released Wednesday. That’s down from 3 per cent in July and 6.5 per cent in June.

Two sectors of the economy ― retail trade and public administration ― “pulled back marginally,” Statistics Canada said.“Overall, the economic recovery continued its course but at a more moderate pace than what was observed for the months of May to July,” Statistics Canada stated. “Slowing and uneven growth are indications that the Canadian economy is transitioning from the rebound phase to a more challenging stage of the recovery,” TD Bank economist “From here on in, the journey to ‘normal’ could see temporary stalls and bouts of turbulence.”

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