Weekly Digest – 1 November 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Why the Bank of Canada and other forecasters keep misreading the economy

Abacus Data conducted a fascinating survey recently of smaller companies for Business Development Bank of Canada’s Small Business Week.

Feds post $4.3 billion deficit as high interest rates grow public debt charges

The federal government posted a budgetary deficit of $4.3 billion from April to August. In its monthly fiscal monitor, the Finance Department says this compares to a surplus of $3.9 billion during the same period of the 2022-23 fiscal year.

When to expect a Bank of Canada rate cut

Benjamin Tal, deputy chief economist at CIBC, speaks with Financial Post’s Larysa Harapyn about the latest Bank of Canada interest rate decision, the state of the economy and when debt-laden Canadians can expect a rate cut.

Still a ‘whole lot of pain’ in store for Canadian economy: analyst

The Bank of Canada held its overnight rate at 5 per cent, as Canada’s growth continues to slow, however an economist is warning that it “isn’t a sign” that things will get easier for Canadians struggling in a tough economic climate.

Canadian CEO confidence in facing cyber attacks varies, according to KPMG surveys

While Canadian infosec pros struggle in the trenches with cyber attacks, CEOs stand at a higher level looking over the entire organization. From their viewpoint, what do they think of cybersecurity?

Foreign control in the Canadian economy is shrinking: StatCan

Foreign control in the Canadian economy has been steadily declining over the last decade, government data shows. According to a Statistics Canada report published Monday, the share of assets owned by foreign-controlled enterprises in Canada dropped 0.2 percentage points between 2020 and 2021, from 15.1 per cent to 14.9 per cent.

Average home price 141% higher than median-earning family can afford: report

The average home price in Canada is 141 per cent higher than what a Canadian household making the median income can afford, according to new data from RATESDOTCA.

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