According to data from Jin Shi, economist Dylan Smith from Rosenberg Research Company stated that Canada's annualized GDP growth rate for the third quarter is 1%, household consumption rebounded by 3.5%, and government spending increased by 4.5%.
Smith pointed out that despite the growth in consumption and government spending, private sector confidence is weak, private investment has collapsed, and capital expenditure on machinery and equipment fell nearly 30% quarter-on-quarter, with an annual rate declining trend of 4.5%.
Corporate inventories are shrinking, indicating a lack of confidence among businesses in consumer growth momentum, and the Bank of Canada needs to pay attention to the issue of weak business confidence.