The interest rate spike is expected to slow the economy down, though it has generally performed better than expected this year. The slowdown comes as the Bank of Canada's key interest rate sits at five per cent, the highest it's been since 2001. Statistics Canada says the estimated decrease in June is mainly owing to the wholesale trade and manufacturing sectors.īoth sectors saw growth in May as supply chain issues related to semiconductor chips eased, but the downward trend in June is expected to "more than offset the increases recorded in May," the agency said.
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