adplus-dvertising
Connect with us

Economy

Canadian inflation data may be delayed Wednesday due to Statscan security concern

Published

 on

The release of Canada‘s closely-watched inflation data could be delayed on Wednesday, with key parts of Statistics Canada‘s website offline amid concerns it could be vulnerable to a security flaw, officials said on Tuesday.

Canada‘s November inflation numbers are scheduled to be released at 8:30 a.m. ET (1330 GMT) on Wednesday. Data released on Tuesday were delayed by about five minutes.

“We are working to ensure everything will be in order for tomorrow,” said Martin Magnan, a Statistics Canada spokesperson.

November’s annual inflation rate is expected to remain at 4.7%, an 18-year high, according to an average of 20 analysts surveyed by Reuters. If confirmed, it would be the eighth consecutive month that inflation has been above the Bank of Canada‘s 1%-3% control range.

Canada took parts of some government websites offline on Friday. The department that oversees federal operations said it was aware of “product vulnerabilities, which have the potential to be used by bad actors in limited and targeted attacks”.

Some services are expected to remain offline while potential vulnerabilities are “assessed and mitigated.” Statscan said there had not been any breach to its systems.

It was unclear if the assessment would be completed in time for Wednesday’s data release. If not, the data will be released as a PDF on the Statscan website as was done on Tuesday, Magnan said. The PDF was posted about five minutes after the scheduled release time.

 

(Reporting by Julie Gordon in Ottawa; Editing by Paul Simao)

Economy

How will the U.S. election impact the Canadian economy? – BNN Bloomberg

Published

 on


[unable to retrieve full-text content]

How will the U.S. election impact the Canadian economy?  BNN Bloomberg

728x90x4

Source link

Continue Reading

Economy

Trump and Musk promise economic 'hardship' — and voters are noticing – MSNBC

Published

 on


[unable to retrieve full-text content]

Trump and Musk promise economic ‘hardship’ — and voters are noticing  MSNBC

728x90x4

Source link

Continue Reading

Economy

Economy stalled in August, Q3 growth looks to fall short of Bank of Canada estimates

Published

 on

 

OTTAWA – The Canadian economy was flat in August as high interest rates continued to weigh on consumers and businesses, while a preliminary estimate suggests it grew at an annualized rate of one per cent in the third quarter.

Statistics Canada’s gross domestic product report Thursday says growth in services-producing industries in August were offset by declines in goods-producing industries.

The manufacturing sector was the largest drag on the economy, followed by utilities, wholesale and trade and transportation and warehousing.

The report noted shutdowns at Canada’s two largest railways contributed to a decline in transportation and warehousing.

A preliminary estimate for September suggests real gross domestic product grew by 0.3 per cent.

Statistics Canada’s estimate for the third quarter is weaker than the Bank of Canada’s projection of 1.5 per cent annualized growth.

The latest economic figures suggest ongoing weakness in the Canadian economy, giving the central bank room to continue cutting interest rates.

But the size of that cut is still uncertain, with lots more data to come on inflation and the economy before the Bank of Canada’s next rate decision on Dec. 11.

“We don’t think this will ring any alarm bells for the (Bank of Canada) but it puts more emphasis on their fears around a weakening economy,” TD economist Marc Ercolao wrote.

The central bank has acknowledged repeatedly the economy is weak and that growth needs to pick back up.

Last week, the Bank of Canada delivered a half-percentage point interest rate cut in response to inflation returning to its two per cent target.

Governor Tiff Macklem wouldn’t say whether the central bank will follow up with another jumbo cut in December and instead said the central bank will take interest rate decisions one a time based on incoming economic data.

The central bank is expecting economic growth to rebound next year as rate cuts filter through the economy.

This report by The Canadian Press was first published Oct. 31, 2024

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending