It was expected that Canada would turnaround to growth during the third quarter this year. But chances of that happening seem weak as reports came in that the economy actually shrank by 0.1% in August, after a zero being recorded in July. The figures for September, and hence the whole quarter are yet to be announced.
Although recovery is comparatively slower when compared to the U.S., the country is better on the aspect of jobs. More jobs are being created in Canada while the same continue to be cut in the U.S. Analysts are of the view that a slower recovery with the influx of jobs is better in comparison to a positive growth rate being achieved while jobs continued being lost.
Only a sharp increase in September can make a third-quarter-growth possible, taking growth to a rate of 1 percent annually. But on the jobs front, the Canadian economy is far stronger than the U.S., with job growth having resumed a couple of months ago.
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