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Canada's Economy Just Grew 3.3% — Here's Why That Makes a September Rate Cut Even Less Likely

  Published August 29, 2026 If you've been holding out hope that a slowing economy might finally push the Bank of Canada toward a rate cut, Friday's numbers just closed that door a little further. Statistics Canada reported that the Canadian economy grew at an annualized pace of 3.3% in the second quarter — the fastest rate since 2023 — and revised figures show the first quarter expanded 0.3% rather than shrinking as originally reported. That confirms Canada never actually slid into a technical recession this year. It's good news for the economy. It's less good news if you were counting on lower borrowing costs anytime soon. What actually drove the growth The rebound was broad-based. Exports posted their strongest performance in 39 months, business investment in factories, equipment and commercial real estate jumped, and consumer spending held up as well. On a per-person basis, output grew at a 3.8% annualized clip — the quickest pace since late 2021, even with Canada...
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GM's Oshawa Plant to Reduce Shifts Amid U.S. Tariff Concerns


General Motors is set to scale back operations at its Oshawa Assembly Plant this fall, moving from a three-shift system to two shifts. The decision, according to Unifor, the union representing workers, is a direct response to U.S. tariffs imposed on Canadian-built vehicles.

Unifor National President Lana Payne criticized the move, calling it "reckless" and warning that it could have widespread consequences for the auto parts supplier network. The union has urged GM to reconsider its decision, arguing that Canadian jobs should not be sacrificed for political favor.

The shift reduction follows the U.S. government's imposition of a 25% tariff on Canadian-made vehicles in March, a policy that has significantly impacted the Canadian auto industry. GM has stated that it plans to recalibrate the Oshawa plant to focus more on Canadian sales rather than exports to the U.S..

With thousands of jobs potentially affected, Unifor is calling on the Canadian government to take swift action to protect domestic auto manufacturing. The union has also demanded that GM uphold its commitments to Canadian workers and production.

The Oshawa plant, which assembles Chevrolet Silverado trucks, was reopened after significant investments from federal and provincial governments. Now, with the looming shift cuts, workers and industry leaders alike are watching closely to see how GM and policymakers respond.

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