DEVELOPING Person on fire outside Trump's hush money trial rushed away on a stretcher
A person who was on fire in a park outside the New York courthouse where Donald Trump’s hush money trial is taking place has been rushed away on a stretcher.
Canada is headed for a recession in early 2023, according to one economist.
"I don't think that we're in a recession just yet, but I do think that one is on the horizon," David Doyle, the head of economics at Macquarie Group, told BNN Bloomberg. "Our baseline is that Canada will enter a recession in the first quarter of 2023."
Macquarie Group, an Australia-based global financial services provider, estimates Canada will face an approximately three per cent contraction in gross domestic product (GDP) and a five per cent rise in its unemployment rate during the predicted recession.
"We actually think it will be pretty severe in Canada," Doyle said. "I think the die has been cast on this front. Because inflation has become so elevated, and unemployment was allowed to fall so low, I think a recession is almost inevitable at this point."
According to new data from Statistics Canada, the Canadian economy grew by a modest 0.1 per cent in July. Their estimates, however, show economic growth stagnating in August, when the annual inflation rate reached 7.0 per cent, down from a high of 8.1 per cent in June.
"I think what you're seeing is that the economy is stalling after having that significant boost from reopening earlier this year," Doyle explained. "I think it's appropriate to think that there's further slowing ahead, even after what looks to have been a very soft third quarter."
Canada's cooling housing market will play a significant role in that slowing, Doyle added. The latest Statistics Canada figures show output from real estate agents and brokers dropping 3.4 per cent in July, down for the fifth consecutive month. Doyle expects the trend to continue.
"Typically, you see housing start to weaken as you head into a recession," Doyle said. "We're certainly seeing ample signs of that."
Aimed at fighting inflation, the Bank of Canada raised interest rates to 3.25 per cent on Sept. 7, which has contributed to the cooling housing market. The increase followed a full percentage point hike in July, which was the largest single rate increase in Canada since August 1998. The Bank of Canada began hiking interest rates in March, after they fell to 0.25 per cent during the COVID-19 pandemic.
Economists widely predict the next interest rate hike will come on Oct. 26. Doyle thinks it could be the last.
"But it will likely be potentially six, nine, 12 months before we start to see the Bank cutting rates again," Doyle said. "That's because they'll want to be certain that they brought inflation under control."
Doyle believes there is a silver lining to the predicted recession.
"Often when you see a recession, it proves to be enough to bring inflation back down," he said.
With files from BNN Bloomberg
A person who was on fire in a park outside the New York courthouse where Donald Trump’s hush money trial is taking place has been rushed away on a stretcher.
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
Scottish comedian Samantha Hannah was working on a comedy show about finding a husband when Toby Hunter came into her life. What happened next surprised them both.
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
Police in Sault Ste. Marie charged a 22-year-old man with animal cruelty following an attack on a dog Thursday morning.
The Senate legal affairs committee has rejected a motion calling for members to take a $50,000 field trip to the African Lion Safari in southern Ontario to see the zoo's elephant exhibit.
Ontario Provincial Police have landed a suspect following a fishy theft in Beachburg, Ont.
Group of Seven foreign ministers warned of new sanctions against Iran on Friday for its drone and missile attack on Israel, and urged both sides to avoid an escalation of the conflict.
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.
Molly Knight, a grade four student in Nova Scotia, noticed her school library did not have many books on female athletes, so she started her own book drive in hopes of changing that.
Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.
When Les Robertson was walking home from the gym in North Vancouver's Lower Lonsdale neighbourhood three weeks ago, he did a double take. Standing near a burrow it had dug in a vacant lot near East 1st Street and St. Georges Avenue was a yellow-bellied marmot.
A moulting seal who was relocated after drawing daily crowds of onlookers in Greater Victoria has made a surprise return, after what officials described as an 'astonishing' six-day journey.
Just steps from Parliament Hill is a barber shop that for the last 100 years has catered to everyone from prime ministers to tourists.
A high score on a Foo Fighters pinball machine has Edmonton player Dave Formenti on a high.
A compound used to treat sour gas that's been linked to fertility issues in cattle has been found throughout groundwater in the Prairies, according to a new study.