Published July 5, 2026 Your morning rundown on the Canadian economy, markets, and money moves — TSX hits a record close, CUSMA talks roll past the deadline, the first CGEB payment lands, and what to expect ahead of the Bank of Canada's July 15 decision. 1. TSX closes at a record high on gold-miner strength The S&P/TSX Composite climbed 0.9% to close at a record 35,275 on Friday, July 3, powered by gold mining stocks. Gold prices firmed after U.S. nonfarm payrolls for June came in at roughly half the expected pace, fuelling bets that the Federal Reserve could turn more dovish. Agnico Eagle, Wheaton Precious Metals, and Barrick all posted solid gains, while financials like Scotiabank and BMO also moved higher on easing oil-supply concerns. Why it matters: if you hold Canadian equity index funds in your TFSA or RRSP, resource and financial-sector strength has been doing a lot of the heavy lifting this year — worth knowing if your portfolio feels more concentrated than you'd...
“Me-cession”: When the Economy Grows, but Households Struggle
In a peculiar economic moment, Canada finds itself in what some economists are calling a “me-cession.” While the country’s overall economy continues to grow, individual households are facing challenges that make it feel like a recession for many Canadians.
Traditionally, economists define a recession as two consecutive quarters of negative growth in real gross domestic product (GDP), often accompanied by rising unemployment. However, Canada has managed to avoid a technical recession, even though its growth has been sluggish. So, what exactly is this “me-cession”?
Understanding the “Me-cession”
- Not Just Numbers: The term “me-cession” reflects the disconnect between macroeconomic indicators and the everyday experiences of Canadians. While GDP numbers may look positive, households are feeling the pinch.
- Stagnant Wages: Despite economic growth, wages have remained stagnant for many workers. As costs of living rise, families find it harder to make ends meet.
- Financial Stress: Polling data shows that 46% of Canadians are losing sleep over their finances. People are cutting back on dining out, delaying large purchases, and even putting off moving to cope with financial stress.
- Consumer Behavior: Businesses report consumers paring back spending, and households express feeling stressed. This behavioral shift contributes to the “me-cession” sentiment.
In summary, the “me-cession” highlights the gap between economic statistics and the lived experiences of Canadians. While the economy stays afloat, many households struggle to get ahead. It’s a reminder that economic well-being isn’t just about national GDP; it’s about the financial health of individuals and families.
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