Global Markets: Canadian economy unexpectedly shrinks

By Commodity News Service Canada
WINNIPEG, March 29, 2018 (CNS) – The following is a glance at
the news moving markets in Canada and globally.
The Canadian economy unexpectedly shrank by 0.1 per cent in
January, according to new Statistics Canada data released
Thursday. The shrink is a clear sign that first-quarter growth
is likely to be weaker than the Bank of Canada had predicted. In
January, the central bank forecast first-quarter growth of 2.5
per cent, but it looks set to cut that estimate when it issues

updated numbers on April 18. January’s drop was the first since
a 0.1 per cent decline in August, 2017.
The number of Americans filing for unemployment benefits
dropped to a more than 45-year low last week, according to new
data released Thursday from the United States Department of
Labor. This suggests the economy remains strong despite signs of
a slowdown in the first quarter. Initial claims for state
unemployment benefits dropped 12,000 to a seasonally adjusted
215,000 for the week ended March 24, the lowest level since
January, 1973.
U.S. President Donald Trump blasted retailer Amazon.com
Inc. Thursday with a list of complaints, a day after news
website Axios reported that Trump wants to rein in the company’s
growing power using federal antitrust laws, causing its shares
to fall almost five per cent. Thursday morning, Trump tweeted
stating that he has been concerned about Amazon since before his
election and that unlike others the company pays no taxes to
state and local governments. He also tweeted that Amazon uses
the mail system as their “Delivery Boy” and have put thousands
of retailers out of business.

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