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Economists had expected a drop of 1.5 per cent in the second quarter, according to Thomson Reuters.
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Ottawa's most important policy response to lagging growth has been a return to that great theme of Canadian history: building. Sixty per cent of Canada's GDP depends on trade. Canadians need to build now to get our goods and services to the growing global middle class, projected to grow from 1.8 billion today to five billion by 2030.
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And that could be a good thing.
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In one week, Unifor will begin its first-ever round of bargaining with the Detroit Three automakers in what may be the most important round of bargaining to take place in the sector in more than a generation. The employers should be going in these talks with their eyes wide open.
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Economy shrank 0.6 per cent in May, StatsCan says.
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In many respects, the Council of Canadian Innovators is failing to understand the new dynamics of today's information economy. Indeed, individuals cannot be treated as replaceable widgets. Instead, they must be treated as individual contributors who have the capacity to individually contribute to innovation and growth within an organization.
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But there's reason to be hopeful.
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Business investment is missing in action.
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The reality is that Canada's present system is failing to live up to the principle of universality. By subsidizing hospital and doctor costs for all Canadians we have little public monies left over to help low- and middle-income Canadians pay for uninsured services and treatments.
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Bank leaves key lending rate unchanged.
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Only when the fruits of globalization are enjoyed by all segments of the society, especially the low-income and middle-class, would globalization be more acceptable politically and socially by broad segments of the population.
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Graduation ceremonies are underway at high schools across the province, as students get set to take their skills to the next level. At 84 per cent, B.C.'s high school graduation rate has never been higher. While that's reason to celebrate, we should also be asking why the province's apprenticeship programs aren't achieving anywhere near the same success rates.
Could shave up to 1 percentage point off growth.