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5 Things to Know Today: Canada Enters Recession, Oil Slips on Iran Ceasefire Talk

Saturday, May 30, 2026 — Your quick-hit Canadian financial briefing for the day. 1.Canada Officially Meets the Definition of a Technical Recession Statistics Canada confirmed Friday that real GDP contracted 0.1% on an annualized basis in Q1 2026 — following a revised 1.0% drop in Q4 2025 . That's two straight quarters of negative growth, which meets the technical definition of a recession. The miss was a big one: economists had forecast growth of 1.5% . The main culprits were a surge in imports (up 2.9%, largely gold), declining business capital investment (down 0.7% — its fifth consecutive quarterly drop ), and weakness in resource extraction and construction. On a per-capita basis, GDP actually edged up 0.2% as Canada's population shrank for the second quarter in a row. Not everyone is ready to call it a full recession: some economists note that three of the four weak months were isolated, and early April data points to a sharp 0.4% rebound . Still, the numbers ...
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Trump Administration Pushes Forward with Federal Workforce Cuts


The Trump administration is moving ahead with a significant reduction in the federal workforce, following the submission of downsizing plans by various agencies. This initiative, part of a broader effort to streamline government operations, has sparked widespread concern and debate.

Key agencies, including the Department of Veterans Affairs and the Department of Education, are expected to see substantial layoffs, with thousands of jobs on the line. The administration's directive emphasizes cutting non-essential functions and reducing budgets, aiming to reshape the federal bureaucracy. However, these measures have faced legal challenges, with courts recently ordering the reinstatement of some dismissed employees.

The economic implications of these layoffs are also under scrutiny, as fears of a potential recession loom. Critics argue that the cuts could disrupt essential services and harm vulnerable populations, while supporters view them as a necessary step toward fiscal responsibility.

This development marks a pivotal moment in the administration's efforts to redefine the role and scope of the federal government.

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