The Canada's economic data brings out the condition of its economy. It can also be confirmed as people pay attention to the business news in the incoming days.
Huffington Post says the headline will reveal if the country is really in recession. First thing to watch is the Alberta Fiscal Update. The report on Monday will show a glimpse of how provincial government fares despite the low crude prices. "Finance Minister Joe Ceci will be expected to address how the NDP government plans to regain its fiscal footing."
The next thing to pay attention to is the GDP. Statistics Canada will give report on Tuesday about the gross domestic product for the second quarter of 2015. If 2 consecutive quarters show a negative growth, then a recession is happening.
The third report that everyone must heed is from the Alimentation Couche-Tard. This Quebec-based convenience store will give its report on its 1st quarter. Its store in the US had performed well despite the financial crisis in the US in 2008. Another department store chain that will give a quarterly report is the Sears Canada Inc. The Toronto-based retailer has not been doing well in its first quarter report, which admitted a $59.1 million loss. Then the last indicator if Canada is in recession is the job figures for August. Statistics Canada will release the data on Friday. "The country's unemployment rate has been stuck at 6.8 per cent for six months, so observers will be keenly looking out for any signs of movement."
Macleans says that recession comes in 2 different definitions. First definition is used by the National Bureau of Economic Research (NBER) of united States. This institution uses economic indicators. The next definition is commonly termed as "technical recession." The technical recession means "two consecutive quarters of negative real GDP growth." This kind of recession however is misleading because the NBER''s definition is much more technical in nature. Thus, Parliamentary Budget Office's Scott Cameron calls the "technical recession" as "statutory recession" in relation to the Federal Balanced Budget Act's definition "a period of at least two consecutive quarters of negative growth in real gross domestic product." it goes without saying that Canada might be in "statutory recession" should the data reflects negative growth for 2 consecutive quarter.
