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Newspaper
Medicine Hat News
Location
Medicine Hat, Alberta, Canada
Date
Dec 07, 1981
Page
7
The Canadian economy shrank in the July to September quarter with Statistics Canada reporting a net annual GNP drop of four percent. Economists warn more contractions may follow into late 1981, fueling calls for budget changes amid political critique of government proposals.
Government and central bank officials clashed over policy as unemployment edged higher while November trade and currency data showed gains. Canada’s dollar strengthened with a larger than expected foreign exchange reserve rise and a record trade surplus despite weaker imports and exports. Auto sales led gains in Ontario with incentives and tax relief contributing to a 27 percent national rise, but layoff plans at General Motors’ St. Catharines plant and activity in Oshawa and Windsor tempered optimism. Major banks reported sharp gains in profits and lending activity as the economy showed mixed momentum.
The Canadian Press reports cooler weather and weak economy dampen Christmas shopping as retailers brace for a tight season. Merchants like Hudson's Bay Co., Avalon Mall, and Simpsons note cautious shoppers, price sensitivity, and inventories controls while some expect a late rush and mixed results across regions.
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