Weekly Digest – 10 April 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Businesses, consumers more optimistic about economy amid expected rate cuts

The Bank of Canada says business and consumer sentiment improved during the first quarter of the year, despite higher interest rates still putting a drag on the economy. The central bank released its business outlook and consumer expectations surveys Monday, which showed increased optimism as people expect interest rate cuts are nearing.

Jump in unemployment rate puts Bank of Canada in a ‘tricky spot’

The Canadian unemployment rate jumped up to 6.1 per cent in March amid rapid growth in the labour pool, Statistics Canada said Friday.

Trudeau says news on mortgages is coming in federal budget

Prime Minister Justin Trudeau said his government will have news to announce on mortgages in Canada in the upcoming April 16 budget, but did not provide further details.

Bank of Canada rate cuts could be delayed by high government spending

Derek Holt, vice president and head of Capital Markets and Economics at Bank of Nova Scotia, talks with the Financial Post’s Larysa Harapyn about when he expects the Bank of Canada to cut interest rates and how budget season might affect the timing of cuts.

Canadian economy starts the year on a rebound with 0.6 per cent growth in January

The Canadian economy grew 0.6 per cent in January, the fastest growth rate in a year, while the economy likely expanded 0.4 per cent in February, Statistics Canada said Thursday.

New Canadian Chamber of Commerce report reveals businesses are proceeding with caution as economic confidence edges up

Canadian businesses are stuck in a cautious near-term holding pattern according to the Canadian Chamber of Commerce’s new Business Expectations Index (BEI). The BEI finds that business sentiment in Canada remains weak in the first quarter of 2024 (at 99.1), despite improving from the previous quarter (93.9).

Canada likely to avoid recession, begin recovering in second half of 2024: Deloitte

Canada looks set to dodge a recession despite the ongoing downward pressure from higher interest rates, Deloitte Canada said in its economic outlook report.

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