November 2023 Market Update from Canada Life Investment Management
Riding the economic waves
The Canadian federal government released its budget update in November. The government announced $20.8 billion in net new spending, spread out over the next six years as it seeks to reign in some spending and reduce the deficit. In Canada, retail sales climbed higher by 0.6% in September, topping the flat growth economists and StatsCan had estimated. Canadian consumers are showing their relative strength.
Inflation also came down in the U.S., U.K. and Europe in October. Inflationary pressures have come down markedly in recent months, showing aggressive actions by central banks are taking hold and helping to slow economic growth and inflation. The U.S housing market is slowly showing signs of improvement following a very week October and it appears increased domestic and foreign demand have helped improve China’s economy in October as well.
Read the full market commentary on canadalifeinvest.ca, including the following topics:
- Canadian retail sales and federal budget support economy
- U.S. housing market showing signs of improving
- Developed economies see softer inflationary pressures
- Improving economic conditions in China
