As the finance minister prepares his fall economic update, the outlook is decidedly gloomy. July’s uptick in economic growth was almost wholly rooted in the oil sector. Otherwise growth has been slow to imperceptible for most of the year, under-performing even the spring budget’s cautious forecast of 1.4 per cent — a trend expected to continue at least into next year. Job growth has been even worse. Wages are flat. Household confidence is at its lowest level since the spring.
Naturally Bill Morneau is claiming victory.
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