The Canadian economy is said to be slowing down although some experts believe it will not reach a recession. Buying power is decreasing partly as a result of prevailing variable-rate mortgages in a fast-rising interest rate environment.
The manufacturing sector remains strong, supporting recycled material flows from industrial accounts. While retail volumes are softer, spring and early-summer activity levels offset the sluggishness to a degree.
As of April 2023, Canada recorded its longest streak of job gains since 2017 at eight straight months, according to Bloomberg. Unemployment is holding steady at the 5% level, just shy of its record low of 4.9% achieved in the summer of 2022.