Ottawa,September 21, 2023—The Conference Board of Canada has released its new GrowthNow analysis, a model which leverages real-time economic data, allowing The Conference Board of Canada to provide a monthly estimate for GDP growth. The nowcast estimate for the third quarter of 2023 for example, currently sits at just 0.04 per cent.
“The new report will provide a more up-to-date understanding of economic conditions and trends across the country,” stated Ted Mallett, Director, Economic Forecasting at The Conference Board of Canada. “Our estimates will be updated as major data releases for the variables we include go live.”
Canada’s economy has lost its momentum amid rising interest rates and elevated prices that have caused household spending to decelerate, as reported by The Conference Board of Canada. The full effects of close to 18 months of tightening monetary policy by the Bank of Canada have yet to be realized and will continue to impact the economy.
“Despite the recent pause on interest rate increases, Canadians are continuing to face high grocery prices and mortgage interest as the cost of living overall has increased,” according to David Ristovski, Economist at The Conference Board of Canada. “These increases have impacted consumer confidence, which recently reached its lowest point since the beginning of the pandemic.”
The economy added a modest 40,000 jobs in August, driven by an increase in self-employment, which masked a decline in private sector employment. The national unemployment rate held steady at 5.5 per cent while strong population growth pushed the employment rate downwards. The Canadian economy also recorded the smallest buildup in the stock of inventories since the fourth quarter of 2021.
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