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Hit by cheap oil, Canada's economy falls into recession
The Canadian economy shrank again in the second quarter, putting the country in recession for the first time since the financial crisis, with a plunge in oil prices taking a toll as business investment fell and inventory accumulation slowed. Gross domestic product contracted at an annualized 0.5 percent rate in the second quarter, Statistics Canada said on Tuesday. That was better than forecast, though revisions showed the first quarter's contraction was steeper than first reported. Two consecutive quarters of contraction are typically considered the textbook definition of a recession. The confirmation of a modest ... (full story)