The Canadian economy weakened in May according to analysis from the Conference Board of Canada. Its new Composite Leading Index which tracks short-term indicators of the economy, declined 0.2 per cent in May, the first decline in 3 months.
“The drop in the indicator suggests a weaker outlook for the Canadian economy,” said Matthew Stewart, Associate Director, National Forecasting with The Conference Board of Canada. “Despite some good news, labour market weakness persisted and business investment shows no signs of picking up. In addition, economic growth may be slowing in the U.S., which will be a key factor for Canadian economic growth in the coming months.”
One of the key indicators was a decline in industrial and commercial building permits for the third consecutive month, reflecting a reluctance of businesses to invest.
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