© Provided by The Canadian PressOTTAWA — Economists say the Bank of Canada is still on track for another oversized rate hike on Wednesday after the latest Statistics Canada data showed the pace of economic growth slowed in the first quarter. RSM Canada economist Tu Nguyen said the lower-than-expected figures for the first quarter won't likely change anything for the Bank of Canada because growth is still solid. Growth in the first quarter came as Statistics Canada said household spending rose 0.8 per cent to mark a third consecutive quarterly increase. However, Statistics Canada noted that despite the increases, spending on automobiles remained lower than pre-pandemic levels, as supply chain issues continued to hurt the auto sector. Statistics Canada also said compensation of employees rose 3.8 per cent on a nominal basis for the quarter.

Source: CBC News May 31, 2022 10:38 UTC