The Bank of Canada signalled Tuesday that it's lowering its forecasts for economic growth in the second half of 2013 and possibly for next year, citing a more prudent consumer and an export sector that has yet to fully recover.
Senior deputy governor Tiff Macklem said the central bank no longer expects the July-September period to grow at a rate of 3.8 per cent as previously forecast.
Instead, the bank says the third quarter will likely show an economy that advanced at a more moderate pace of 2.0 per cent to 2.5 per cent, the same speed it now expects will continue in the fourth quarter. Previously, it had penciled in a 2.5 per cent expansion for the last three months of the year.
That's why you feel bummed-out and shitty when you look at your pay-cheque. As for the political consequences, well, bad for Darrel Dexter and, you would think, Kathleen Wynne, though that is not obvious from any polling I've seen. Good news for Justin Trudeau: the Harper government can't keep saying its steak when its spam forever.
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