Plummeting exports and business investment did a number on Canada's economy, but that was predictable as November rain in Vancouver.
Today’s GDP release is proof that you have to dig below the surface to infer how mortgage rates might react. Hence why we spend extra time dissecting the numbers, instead of recycling headlines like a parrot that just discovered BNN.
The annualized headline number was hideous, no doubt. But under the hood, the domestic engine is still running. It's more jalopy than race car, but it hasn’t coughed up smoke just yet.
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