So there we have it – StatsCan says two quarters of negative growth, which means a “technical” or “statutory” recession. And in case you were wondering, manufacturing was also shrinking, so it’s not just confined to the energy sector (though a lot of Ontario’s manufacturing is now geared to the energy sector). Stephen Harper and Joe Oliver tried to keep the spin on the positive – growth in June, that surplus in the Fiscal Monitor (that may prove illusory). See! Things are on the rebound! Of course, things aren’t so simple, what with some increased consumer spending and employment, and there is a great deal of debate about what it all means (or even if it is a “real” recession, rather than one that meets the statutory definition, which always brings me back to Mike Moffatt’s term “pornographic recession” – knowing one when you see it). Regardless, it’s going to keep things interesting on the campaign trail as parties sharpen their messages over the data. BuzzFeed has a simple guide to what the recession means, while here is a roundup of what the leaders said about it on the campaign trail.
https://twitter.com/mikepmoffatt/status/638702391005589505
Why I'm not giddy over June's healthy growth: you can't rebound from wildfires every month. Duh.
— Luke Kawa (@LJKawa) September 1, 2015
@Justin_Ling Maybe too optimistic. Our competitors' $ also drop vs USD. But some non-energy exports are picking up: autos, food, etc.
— Jacquie Palladini (@J_Palladini) September 1, 2015
https://twitter.com/mikepmoffatt/status/638714053142179841
Employment and monthly GDP over first 6 months of 2014 and in first 6 months of the last recession pic.twitter.com/hB2AlkTLGp
— Stephen Gordon (@stephenfgordon) September 1, 2015