Jan 31, 2024

By Jane Brown

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A just released report by Statistics Canada says the country’s economy grew 0.2-percent in November, marking the first month of expansion in six months.

A preliminary estimate suggests real gross domestic product increased 0.3-percent in the fourth quarter overall, bringing economic growth in 2023 to 1.5 per cent.

The report says growth in November was driven by gains in goods-producing industries, including manufacturing and wholesale trade.

High interest rates have weighed on economic growth in Canada as businesses and consumers face higher borrowing costs.

Stateside, the latest announcement on interest rates is expected Wednesday afternoon from the U.S. Federal Reserve.

It’s being widely reported the Federal Reserve will likely move closer Wednesday to cutting its key interest rate after nearly two years of hikes that were intended to fight the worst inflation in decades.

Yet it may not provide much of a hint about when it will do so.

Though Fed officials are expected to cut rates within the next few months, they will likely signal Wednesday that they expect to wait until they’re confident that inflation, which has tumbled from its peak, is reliably moving to their 2-percent target.

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