In contrast to the upbeat news coming out of the US, the more Canadian data we see on economic activity in March, the less reassured we are that the softness in the preceding three months was just a weather-related blip. Judging by the softening trends in housing and employment, our sense is that the economy lost a little more momentum towards the end of the first quarter. Accordingly, any eventual weather-related rebound in second-quarter GDP growth is likely to be unspectacular.
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