CANADA - According to Statistics Canada the Canadian Economy shrunk 0.1% in July 2010, signaling the possibility of a double dip recession. If the economy shrunk in August as well, it will mean we really are in a double dip recession.
Meanwhile consumer spending in the United States is also down, suggesting the Americans aren't doing much better.
The Canadian economy did grow 5.8% in January to March 2010, so Canada's GDP is still up for the year, but the danger of a double dip recession is that Canadians are already suffering under high unemployment so a second round of layoffs could be devastating to the economy and cause a spiral effect.
Only the mining and finance/insurance sectors in Canada posted a gain in July. All other sectors were down. The biggest decrease was forestry and logging, down 4.6% due to a drop in exports.
The Bank of Canada has hiked short-term interest rates by 0.75% since June in three separate 25-point increases and many economists think it was too early to be making those increases when the economy is still fragile.
The only bright side is that the Christmas shopping season is coming up, which should loosen up wallets and spur growth. However we should note it only helps the North American economy when you buy things made in Canada or the USA. Buying things made in Japan or China isn't helping.
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