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Spotlight: Canadian households feel the pinch

• Retail sales in Canada dropped in January, February and March. This decline shows Canadian households are being weighed down by higher interest rates and elevated inflation.
• Conversely motor vehicle and parts sales in Canada increased by 1% in March year-on-year, according to a Statistics Canada report released at the end of May.
• A softer labour market is effecting on Canadian households. While job additions surged higher in April, it hasn’t kept pace with population growth. In response, Canada’s unemployment rate has moved higher in 2024.
• The Bank of Canada didn’t hold a meeting in May but economic data points to the possibility of a rate cut at its June meeting.

Stay ahead: dive into these three stories next for a competitive edge

• U.S. labour market shows signs of slowing
• Europe’s economy displaying signs of improvement
• China’s government looks to reignite economic activity

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