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August 19, 2010    

Canadian economic growth eases

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by Kay Murchie

A report by Statistics Canada has today revealed the economy slowed, due to a slowdown in the housing market.

The Statistics Canada leading economic indicator index (a monthly gauge of where the economy appears headed in the coming months) eased to 0.4% in July, following a rise of 0.7% in June.

The slowdown in growth was attributed to a decline in the housing market, after a housing index fell by 4.1%.

Meanwhile, figures today also showed a fall in retail sales. Figures revealed a 0.6% decline in retail sales, including furniture, appliances and other durable household goods.

However, the manufacturing sector is showing a recovery after new orders for durable goods grew by 2.2% - the sixth consecutive gain.

In June, Canada become the first G7 central bank to raise rates since the onset of the recession.

The Canadian economy, which is the world’s tenth largest, only entered a mild recession last year.

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