Household spending per person in Canada drops 1.3% in Q2 2024, signaling recession-like pressures.

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Recent data indicates that household spending per person in Canada has indeed been falling at a rate typically observed during recessions. After adjusting for inflation, this measure fell by 1.3% in the second quarter of 2024 compared to the same period the previous year. This decline is significant and highlights the economic pressures Canadian households are currently facing.

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Sources:

https://ca.rbcwealthmanagement.com/documents/716795/716811/08.30.2024.pdf/9f6b63a5-3938-4dde-8ced-bd1bd6d7910b

https://countylocalnews.com/2024/09/05/canada-household-spending-decline-household-spending-in-canada-falling-at-recession-level-pace/