CN Rail volumes down 6% so far this month, \u0027reflecting weakness in the economy.\u0027 Read more
said the flow of consumer goods across its network is slowing down to the point that executives now believe North America is in a “mild recession,” even though most forecasts predict Canada will avoid that outcome.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“Our current volumes reflect that we are in a mild recession,” chief executive Tracy Robinson told analysts on a conference call. “We’re uncertain about how deep, or how long it will go on. But what we’re modelling is negative North American industrial production for the full year.” A year ago, with inflation at some of the highest levels in four decades, many economists thought a recession was all but certain, given how aggressively central banks were raising interest rates to get price increases under control. But with unemployment rates in Canada and the United States near record lows, it was starting to look like economic growth would hold up. The Bank of Canada earlier this month raised its forecast for growth this year to 1.
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