Consumer spending and business investment will lead the economy to growth of 2.9% this year and 3.5% in 2005. Manufacturing shipments reached a new peak in July.
Job growth disappointed again in August, but full-time employment increased by 15,400 jobs. The unemployment rate, currently at 7.2%, will likely fall to 7.0% by the end of next year before falling to its long-run equilibrium of around 6.7% at the end of 2006.
Inflation will remain tame until late 2005. The Bank of Canada (BoC) will raise rates at each of their next four meetings.
( Full Report, 2 pages, pdf, 27KB ).
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