As energy industries slowed, others were supposed to take over. Economists expected that a weaker Canadian dollar would boost demand for manufactured goods, especially from the United States. That has not happened. Exports to Canada’s southern neighbour, including oil, were 6.5% lower in May than during the same month last year. Manufacturing output shrank in April for the fourth consecutive month.
Partly as a result, private investment is falling. Energy firms, which account for around a third of capital spending, are expected to slash investment by nearly 40% this year. This is just the first wave of cuts, warns Jock Finlayson of the Business Council of British Columbia.
As energy industries slowed, others were supposed to take over. Economists expected that a weaker Canadian dollar would boost demand for manufactured goods, especially from the United States. That has not happened. Exports to Canada’s southern neighbour, including oil, were 6.5% lower in May than during the same month last year. Manufacturing output shrank in April for the fourth consecutive month.Partly as a result, private investment is falling. Energy firms, which account for around a third of capital spending, are expected to slash investment by nearly 40% this year. This is just the first wave of cuts, warns Jock Finlayson of the Business Council of British Columbia.
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