Claiming "victory" because GDP is growing again after a recession is a bit like commenting on how good it feels to stop beating your head against the wall.
It's official: the Canadian economy is in recession. By election day, parties can expect millions of voters to be paying attention to what governments plan to do to create jobs and secure employment.
Canada is officially in a recession and while B.C. is expected to sail through it relatively unscathed, the projected modest GDP growth performance does not seem to be translating into job gains.
Now that the recession has been confirmed, let's hope the election campaign now starts to address some of the deeper challenges facing Canada's economy.
The dip in GDP is what's making the headlines, but there are three other trends in the new data released by StatsCan that suggest the economic slowdown is here to stay.
Does the fact that we're in recession mean we can finally focus on the non-recovery of the job market or the fact that jobs are far more precarious than they have been in years? Let's hope so.
Was there any concrete economic reason for Stephen Harper to call Bank of Canada Governor Stephen Poloz this week, as global stock markets continued their gyrations? Not really, no.
With news of economic turmoil in China and other emerging economies, repercussions for Canada will be atrocious. Worse yet, the macroeconomics are just not adding up for a recovery.
According to Stephen Harper, most of the economy is growing and doing just fine. But the truth is that the Canadian economy is showing signs of severe stress: it's called a recession.
The Bank of Canada cut its benchmark interest rate to nearly record lows, now just 0.5 per cent. The move reflects a poverty of economic policy from the ruling Conservatives.