Ontario’s real Gross Domestic Product edged up 0.1% (0.5% annualized) in the third (July to September) quarter of 2008, following a 0.2% advance in the second quarter. The Canadian economy grew by 0.3% (1.3% annualized) while the U.S. economy declined 0.1% (-0.5% annualized) in the third quarter.
The modest increase in third quarter real GDP reflected positive contributions from machinery and equipment investment, exports and continued inventory accumulation. Final domestic demand was little changed (+0.1%), following a 1.1% gain in the second quarter. Net trade provided some modest support to economic growth.
I often hear a lot of doom and gloom about the economy.
While there are concerns, it's certainly not an on-coming depression.
I think the media inflates the seriousness of the economic downturn, and in turn fuels collective pessimism.
UPDATE:
Saw this story linked at Warren Kinsella's blog:
The unemployment rate was 6.6 per cent, the highest level since January, 2006. This is up from 6.3 per cent in November, when 70,600 jobs disappeared.
Remember when 7 per cent was considered full unemployment?
With economic contractions in the cards over the first half of 2009, expect the unemployment rate to head towards 8 per cent before coming back down as the economy stages a recovery in the latter part of the year.
Eight per cent! Oh my goodness! That's virtually apocalyptic!
Meanwhile:
Ontario's unemployment rate climbed to 7.2 percent in December, roughly half a point higher than the corresponding rate for Canada, it was announced Friday morning.
Virtually full employment by 1990's standards.
Let's not exaggerate the extent of the downturn.
We'll bounce back. We always do.
