Retail sales declined in July

Retail sales declined in July, the first monthly decline this year. The fall was mainly the result of a drop in sales at gasoline stations, as both selling prices and volumes decreased.

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Employment drops again, but the labour market continues to tighten

Today’s Labour Force Survey data showed employment declined for a second consecutive month. However, the details show that, while the number of employed declined, there was also another sharp drop in the labour force. This exodus from the labour force explains the record unemployment rate.

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Inflation rises above 8%

Inflation continued to accelerate in June to a level not seen since 1983 but increased less than expected thanks to a stabilization in food price inflation. The elevated level of inflation continues to be mainly due to a handful of components: gasoline prices, food prices, homeowners’ costs, utilities costs and motor vehicle prices.

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The housing market continues to correct

National house prices declined for a fourth consecutive month. Since the start of the correction, prices nationally have fallen by slightly more than 3%. However, the correction has been bigger in some markets, especially those that saw the largest post-pandemic gains.

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The Bank of Canada goes big with a 100bp hike

The Bank of Canada increased its policy rate by 100bp to 2.50%, more than expected and its highest level since October 2008. This is the biggest increase at a monetary policy meeting since August 1998 during the Asian Financial crisis.

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