Canada’s economy shrinks, mortgage balances grow and Freeland imposes measures on Wealth One Bank: Must-read business and investing stories

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Plus, a breakdown of the big banks’ third-quarter earnings

Getting caught up on a week that got away? Here’s your weekly digest of The Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.Canada’s economy unexpectedly contracted in the second quarter of 2023. The economy, led by a drop in housing investment and a pullback in consumer spending, according to Statistics Canada.

– a sign that the labour market is cooling and higher interest rates may be doing its intended job. In June, the number of job vacancies edged down by 1.2 per cent to 753,400, having peaked in May, 2022, at more than one million, according to Statistics Canada. That’s the lowest level in more than two years. Canadian workers are also changing jobs less frequently – as suggested by

released this week. Jason Kirby reports that the vanishing help wanted signs and the cool-down in labour demand could give the Bank of Canada more room to hold interest rates steady at next Wednesday’s decision.Following the release of Royal Bank of Canada and Toronto-Dominion Bank’s third-quarter financials results last week, the rest of Canada’s biggest banks

 

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