Economy shrinks for 2nd straight quarter = recession
The shrinkage wasn't as bad as economists feared, but Statistics Canada reports the Canadian economy shrank for the second straight quarter, meaning the country has slipped into a technical recession. Canada's Gross Domestic Product shrank by half a per cent in the second quarter. Analysts had been projecting a full percentage point decline, but StatsCan says the first quarter shrank more than originally reported--0.8% rather than 0.6%. On the up side, the GDP in June grew by 0.5% after shrinking...