So, do you want the good news or the bad news first?
Okay, we’ll go with the good news first because we need some of that. The good news is that stock markets in Canada and the United States had a banner September, a month that is traditionally a dog.
The bad news is that Canada’s gross domestic product was down 0.1 per cent in July, Statistics Canada said on Thursday, due to weakness in manufacturing, construction and retail.
It’s been an interesting year in respect to the economy in 2010, a year that started off so positively with every indication that we were recovering nicely from the downturn of 2008-2009.
However, as I mentioned in a blog last week, that could have been smoke and mirrors with federal stimulus money fuelling the recovery instead of real growth. That stimulus program runs out in March and it remains to be seen what shape the economy will be in at that point.
Uncertainty about the economy is the order of the day with mixed signals that are increasingly weighing towards a double-dip recession and, due to the positive atmosphere of earlier this year, we may not be as prepared for that possibility as we were for the downturn of two years ago.
Without trying to be Chicken Little, it’s at times like this that we need leadership over politics from our elected officials and honest discussion about what is ahead.
At GNN, we can only deal with the second half of that equation within the Canadian golf industry, so I’ve asked some of our bloggers to offer their thoughts on the economy throughout the week.
We also need to hear from readers, which brings us to this week’s GNN Poll.
Compared to the first half of this year, how would you describe your attitude towards the economy in the last three months?
Please cast your vote at the GNN Poll on the home page and, by all means, your comments are more than welcome in the space below this blog.