GDP recession

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Statistics Canada released a report on Tuesday confirming the economy was in a slump for the first 5 months of this year. There were triple digit losses on the DOW and TSX and the gross domestic product(GDP) declined in the first and second quarter. Economists say a slump in the economy means it’s harder to find a job if you do not already have one, but for people who already have a job, they likely did not notice this happened.

Technically when two quarters see back to back declines in the GDP, it is called a recession. Both CIBC economist, Nick Exarhos and McMaster University professor, Mike Veall, say this recession is nothing like the one Canada experienced 6 years ago. Veall says Canada’s economic growth has been slow for 15 years.

Manufacturing jobs have been hit the hardest. Both experts say oil is to blame for the recent hit to the GDP.