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How COVID-19's latest wave will hit our economy – Ottawa Citizen

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Nevertheless, it’s still a marked deterioration from last July, when typically fewer than 0.5 per cent tested positive.

The percentage of positive tests has been rising rapidly in Ottawa since Labour Day — and health officials were keen to avoid another holiday-inspired acceleration.

The other trend being watched carefully by Ottawa Public Health is the rate of infection in the community, otherwise known as R (t) — which measures how many times a single infected individual will forward the pathogen. The last bit of public data from OPH described a seven day average of 0.8 as of Oct. 5.  At first glance this suggests a community that is getting control of things, especially compared with the situation immediately after Labour Day, when infected people were passing along the illness to an average of 1.5 people each.

What we don’t know is what happened between Oct. 6 and 11 — transmission data for this period has been suppressed thanks to a larger than normal backlog. This needs to be sorted out before statisticians can properly calculate the new ratio.

Bottom line: the province and OPH alike would like to use the next four weeks to reverse some key trend lines.  Which of course leaves many of the region’s small businesses once more in limbo, with many owners hanging on by the thinnest of margins, despite promised financial help from Ontario, Quebec and the federal government. Ontario, for instance has earmarked $300 million to assist businesses affected by the latest shutdowns with fixed costs such as property taxes and energy bills.

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Economy

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

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

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Economy

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

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

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Economy

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

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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.

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