{"id":9748,"date":"2015-07-06T06:33:23","date_gmt":"2015-07-06T11:33:23","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9748"},"modified":"2015-07-06T06:33:23","modified_gmt":"2015-07-06T11:33:23","slug":"is-holding-the-course-putting-canada-in-recession","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9748","title":{"rendered":"Is ‘holding the course’ putting Canada in recession?"},"content":{"rendered":"
\n

Is ‘holding the course’ putting Canada in recession?<\/a><\/h3>\n<\/div>\n

Conservatives blame ‘external factors’ for slide, economists say government choosing to let it go<\/strong><\/p>\n

Emanuella\u00a0Enenajor likely caused more than a few\u00a0politicians to choke on their Stampede pancakes last\u00a0week.<\/p>\n

The analyst with\u00a0Bank of America\u00a0Merrill\u00a0Lynch was the first from a\u00a0major financial institution to utter the dreaded R-word \u2014 recession.<\/p>\n

Two\u00a0consecutive\u00a0quarters\u00a0of decline are\u00a0what the textbooks define as a recession.<\/p>\n

Stuck in a ‘funk’<\/h2>\n

Statistics Canada has already told us GDP shrank by 0.6 per cent in the first quarter of 2015, and slid a further\u00a00.1 per cent in April.<\/a><\/p>\n

Enenajor\u00a0has seen nothing to indicate May or June \u2014 the last two months of the second quarter \u2014 were any different.<\/p>\n

“We’re stuck in a bit of a funk,” she\u00a0said in an interview with\u00a0CBC’s\u00a0<\/em>The House<\/a><\/em>.<\/p>\n

The oil shock has taken its toll on jobs, unemployment, economic development and the like.<\/p>\n

From beneath his black Stetson at the annual Calgary Stampede parade last week, Prime Minister Stephen Harper kept his cool and even reckoned he’d seen worse.<\/p>\n

“I’ve been in [Alberta] for 36 years now \u2014 I’ve seen a lot worse dips in the oil sector than this \u2014 and I am very confident the city and the province will bounce back quickly,” he told reporters.<\/p>\n

\n

While for obvious reasons the effects are felt most strongly in Alberta, they are being felt across the country.<\/p>\n

Solid growth to come<\/h2>\n

Finance Minister Joe Oliver also appeared on\u00a0The House<\/em>\u00a0this week, denying a recession has taken hold.<\/p>\n

He said he believes there will be “solid growth for the full year,” in 2015, but concedes the first half will be rough.<\/p>\n

“I think people understand the recent economic data is a result of external\u00a0events,” Oliver said.<\/p>\n<\/div>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Is ‘holding the course’ putting Canada in recession? Conservatives blame ‘external factors’ for slide, economists say government choosing to let it go Emanuella\u00a0Enenajor likely caused more than a few\u00a0politicians to choke on their Stampede pancakes last\u00a0week. The analyst with\u00a0Bank of America\u00a0Merrill\u00a0Lynch was the first from a\u00a0major financial institution to utter the dreaded R-word \u2014 recession. […]<\/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":[103,7010,195,201,6387,1264],"class_list":["post-9748","post","type-post","status-publish","format-standard","hentry","category-economics","tag-canada","tag-conservative-party-of-canada","tag-debt","tag-deficit","tag-harper","tag-recession"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9748","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=9748"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9748\/revisions"}],"predecessor-version":[{"id":9749,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9748\/revisions\/9749"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}