Canadian Economic Growth Slows to Crawl

Canadian Economic Growth Slows to CrawlThe growth rate of the Canadian economy slowed to a crawl in the fourth quarter of 2011, Statistics Canada reported Friday. At an annual rate, real gross domestic product (GDP) grew 1.8 per cent in the fourth quarter, after a 4.2 per cent increase in the third quarter. The actual growth in the quarter was 0.4 per cent, compared with one per cent in the third quarter, the agency said. …

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Canadian Firms to Spend More on R&D in 2011

Canadian Firms to Spend More on R&D in 2011Research and development spending by industry is expected to increase in 2011 — the first time in four years that has happened in Canada. “The 2011 industrial R&D spending intentions suggest that recovery is underway after three consecutive years of declining R&D spending that occurred across almost all industrial sectors,” said a Statistics Canada report Friday. Businesses in Canada planned to spend $15.6 billion on industrial research and development in…

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Canada Loses Jobs in November

Canada Loses Jobs in NovemberCanada shed another 19,000 jobs in November on the heels of a steep drop in October, edging the national unemployment rate to 7.4%. The economy lost 53,000 part-time jobs, offset by a gain of 35,000 full-time jobs, according to labour force numbers released by Statistics Canada on Friday. Finn Poschmann, vice-president of research at economic think-tank the C.D. Howe Institute, said a second month of bad job numbers left him…

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Real Estate Becoming More Affordable

Real Estate Becoming More AffordableOwning your own home became slightly more affordable in the third quarter of 2011 thanks to continuing low interest rates, according to RBC’s latest study on housing affordability. The affordability measure captures the proportion of pre-tax household income that would be needed to service the costs of owning a certain type of home. In the third quarter, that index fell for all categories of housing. “Housing affordability levels are quite…

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Debt Worries May Put Damper on Holiday Buying

Debt Worries May Put Damper on Holiday BuyingFeelings of financial insecurity could overwhelm the Christmas giving spirit, making Canadians less likely to splurge on holiday shopping this season, according to a survey released Tuesday by Deloitte Canada. With a growing number of respondents pessimistic about the economy and more people choosing to pay down their debts, holiday budgets could be squeezed. Only 29 per cent of Canadians surveyed said they expect the economy to improve in the…

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Job Prospects Poor, Study Predicts

Job Prospects Poor, Study PredictsA new report from The Conference Board of Canada suggests job seekers may be in for a tough time in the next few months. The Ottawa-based economic research group said Friday its monthly help-wanted index survey suggests hiring prospects will be poor, falling in 17 of 26 metropolitan areas it surveys, including nine out of 10 in Ontario. Also Friday, a forecast from Capital Economics predicted Canada’s economy will remain…

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Inflation Inches Higher

Inflation Inches HigherCanada’s inflation rate rose to 3.2 per cent in the 12 months ended in September, pushed higher by price hikes for gasoline and food. Statistics Canada reported Friday that prices for food rose 4.3 per cent in the past year, while energy prices advanced 12.5 per cent. Those factors were the major contributors to the overall inflation increase. Economists polled by Thomson Reuters had been expecting the rate to come…

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Occupy Toronto Takes to the Streets Again

Occupy Toronto Takes to the Streets AgainAs Occupy Canada protesters across the country spent a second day in tents set up in urban parks on Sunday, protesters in Toronto launched another march in the city’s downtown core and gathered at a central shopping area. Members of the Toronto group who set up an encampment at St. James Park just east of the financial district, were on the move again, chanting, “Whose streets? Our Streets!” on their…

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Loonie Closes at 12-month Low

Loonie Closes at 12-month LowThe Canadian dollar closed below 96 cents US at a 12-month low Friday, as traders moved into more widely traded U.S. dollar denominated securities. The loonie’s official Bank of Canada close was 95.40 cents US, down 1.07 cents. It hasn’t been that low since Sept. 8, 2010. It has lost 1.74 cents this week. Markets are concerned that a slowing global economy will hurt exporting countries such as Canada. The…

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Stocks Expected to Fall as Economy Expectations Plunge

Stocks Expected to Fall as Economy Expectations PlungeThe resource-heavy Toronto stock market could be headed for another week of losses as commodity prices adjust to much lower expectations for economic growth. And while economic data this week is expected to show that the Canadian economy continued to grow in early summer, investors aren’t expected to find encouragement in the numbers as the economic outlook likely worsened in August. “Buckle up” for a rough ride, advised John Stephenson,…

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