{"id":10659,"date":"2015-08-03T07:37:50","date_gmt":"2015-08-03T12:37:50","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10659"},"modified":"2015-08-03T07:37:50","modified_gmt":"2015-08-03T12:37:50","slug":"it-gets-ugly-in-canada","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10659","title":{"rendered":"It Gets Ugly in Canada"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/wolfstreet.com\/2015\/08\/03\/it-gets-ugly-in-canada-technical-recession\/\" target=\"_blank\">It Gets Ugly in Canada<\/a><\/h3>\n<p>\u201cIt\u2019s an election about who will protect our economy in a period of ongoing global instability,\u201d Stephen Harper, Prime Minister of Canada, announced on Sunday as he\u00a0officially kicked off the campaign\u00a0for the\u00a0federal elections on October 19. He\u2019d just asked Governor General David Johnston to dissolve Parliament.<\/p>\n<p>\u201cNow is not the time for the kind of risky economic schemes that are doing so much damage elsewhere in the world,\u201d he said. \u201cIt is time to stay the course and stick to our plan.\u201d<\/p>\n<p>Stay\u00a0<em>what<\/em>\u00a0course, exactly? Because Canada is likely in the middle of at least a \u201ctechnical recession.\u201d<\/p>\n<p>At first, there was hope that only the oil patch would be headed that way. Now the oil patch is already there. In the city of Calgary, Alberta, the epicenter of the oil bust, home sales plunged 14% in July year-over-year, according to the Calgary Real Estate Board (<a href=\"http:\/\/www.creb.com\/\"><u>CREB<\/u><\/a>). Year-to-date, homes sales are down 25%.<\/p>\n<p>Despite months of assurances that the oil bust and the broader commodities rout won\u2019t spread into the rest of the Canadian economy, they\u2019re now beautifully spreading into it.<\/p>\n<p>The\u00a0<a href=\"http:\/\/www.cfib-fcei.ca\/cfib-documents\/rr3360.pdf\"><u>Business Barometer Index<\/u><\/a>\u00a0of small business confidence dropped in July to 58.2, the worst level since mid-2009, a level that corresponds with a shrinking economy. \u201cOne normally sees an index level of between 65 and 70 when the economy is growing at its potential,\u201d the report said.<\/p>\n<p>That\u2019s what\u00a0<a href=\"http:\/\/www.statcan.gc.ca\/daily-quotidien\/150731\/dq150731a-eng.htm?HPA\"><u>Statistics Canada<\/u><\/a>\u00a0has been confirming for months: on Friday, it reported that GDP in May fell for a 5th month in a row.<\/p>\n<p>\u201cMuch worse than the flat print expected by consensus,\u201d is how Matthieu Arseneau, a Senior Ecoomist at\u00a0<a href=\"https:\/\/www.nbc.ca\/en\/rates-and-analysis\/economic-analysis.html\"><u>National Bank Financial<\/u><\/a>\u00a0explained the phenomenon:<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It Gets Ugly in Canada \u201cIt\u2019s an election about who will protect our economy in a period of ongoing global instability,\u201d Stephen Harper, Prime Minister of Canada, announced on Sunday as he\u00a0officially kicked off the campaign\u00a0for the\u00a0federal elections on October 19. He\u2019d just asked Governor General David Johnston to dissolve Parliament. \u201cNow is not the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[942,7780,2693,103,7781,7782,3356,7053,1264,1936,749,803,1340,4254,4255],"class_list":["post-10659","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-of-canada","tag-business-barometer-index","tag-calgary","tag-canada","tag-canada-housing-bubble","tag-commodities-rout","tag-oil-patch","tag-oil-price-plunge","tag-recession","tag-statistics-canada","tag-stephen-harper","tag-toronto","tag-vancouver","tag-wolf-richter","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10659"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10659\/revisions"}],"predecessor-version":[{"id":10660,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10659\/revisions\/10660"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}