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MNI BRIEF: Canada Business Closure Rate Highest Since Pandemic

DataPolicy NewsCanadaData BriefData StoriesBriefStoryRegionNorth America Bank of Canada Market News

Canada's rate of business closures rose in June to the highest since the same month four years earlier during pandemic shutdowns, consistent with other signs the economy headed into Q3 on a weak footing that could trigger faster interest-rate cuts.

Statistics Canada said Thursday the closure rate of 5% was up 0.2pp for a second month and approaching the 7.1% high set in June 2020. Construction and retail led the increase, industries sensitive to the Bank of Canada's earlier rate hikes to the highest since 2001 before three cuts that began in June.

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Canada's rate of business closures rose in June to the highest since the same month four years earlier during pandemic shutdowns, consistent with other signs the economy headed into Q3 on a weak footing that could trigger faster interest-rate cuts.

Statistics Canada said Thursday the closure rate of 5% was up 0.2pp for a second month and approaching the 7.1% high set in June 2020. Construction and retail led the increase, industries sensitive to the Bank of Canada's earlier rate hikes to the highest since 2001 before three cuts that began in June.

Keep reading...Show less